The financial regulators of Japan are planning to bring very high restrictive rules in Japan, so that they can provide better safety for their citizens.
Back in July, The Financial Services Agency (FSA) opened a panel for the financial experts to share their opinions to help the financial regulators to bring better and highly restricted laws for the crypto market.
Now a report by Jiji Press, suggests that Japanese financial authorities will bring a new law framework that will be applicable on crypto related all Services. This new framework will make the crypto market more stable but will not try to retard the innovation & revolution of the ecosystem.
New rules designation will be purely in the favour of the crypto users so that they would not face any kind of safety & security issues for their funds.
Reportedly, this new crypto law will be imposed by the FSA by the middle of next year.
It should be noticed here, this news comes into light after a hack attack on a crypto exchange liquid. Probably the financial government authorities of Japan are worried about the associated risks with the crypto services. According to reports, financial regulators of Japan want to bring better custody for their citizens and bring laws to enhance the anti money laundering framework so that hacking attacks can be easily retarted.