Japanese Government to Establish Cryptocurrency Brokerage Services with Amendments to the Funds Settlement Law

The amended Funds Settlement Law, which incorporates rules related to cryptocurrency assets, was approved in the House of Councillors plenary session on the 6th. The bill, which includes the establishment of 'brokerage services' for cryptocurrency assets, was submitted to the Diet in March of this year. The purpose of the amendment is to respond to the advancement of financial digitalization, ensure user protection, and simultaneously promote innovation. One of the highlights of this amendment is the establishment of the aforementioned brokerage services. The gist is as follows: Individuals registered by the Prime Minister can engage in transactions involving electronic payment methods and cryptocurrency assets without needing to register as electronic payment service providers or cryptocurrency exchange service providers.