Japan's Financial Services Agency Implements New System for Cryptocurrency Brokerage Services Starting June 1

Key Points of the Article

The Financial Services Agency has introduced a registration system for cryptocurrency brokerage services effective June 1.

The system institutionalizes brokerage services, including for stablecoins, in a commissioned format from affiliated dealers.

On June 1, the Financial Services Agency implemented the new system for 'Electronic Payment Instruments & Cryptocurrency Service Brokerage'. By registering under the Payment Services Act, entities can now conduct brokerage services for the buying and selling or exchange of cryptocurrencies, including as a cryptocurrency exchange or stablecoin trading operator (affiliated dealers).

The services covered by the new system include the brokerage of electronic payment instruments (including fiat-linked stablecoins) and the buying, selling, or exchange of cryptocurrencies.