Japanese media: Japan is considering allowing local banks to trade cryptocurrencies
BlockBeats News, October 20, according to local Japanese media reports on Sunday, the Financial Services Agency (FSA) of Japan is considering allowing domestic banks to trade and hold cryptocurrencies. The FSA plans to discuss whether to reform the current regulatory guidelines—which currently prohibit domestic banks from holding digital assets due to their excessive price volatility.
The goal of this policy reform is to establish a system that enables banks to buy and sell cryptocurrencies in the same way they trade stocks and government bonds. According to the report, the FSA also plans to formulate corresponding regulatory measures to mitigate the financial risks that may arise from this potential policy update. The FSA is expected to discuss this reform proposal at the upcoming Financial System Council meeting. This council serves as an advisory body to the Prime Minister of Japan.
In addition, the FSA is also considering allowing banks to register as cryptocurrency trading platforms, thereby creating a more convenient environment for retail investors to participate in the crypto market through trusted banking institutions. Meanwhile, the FSA is also working to make the digital asset trading market fairer. According to reports, the agency plans to submit an amendment that explicitly prohibits trading based on non-public information, and violators will face economic penalties proportional to their illegal gains.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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