Japan Approves Regulatory Shift to New Framework Despite Industry Concerns

Japan’s Financial Services Agency finalized a significant regulatory overhaul, moving crypto assets from the Payment Services Act to the Financial Instruments and Exchange Act (FIEA). This change impacts over 13 million domestic crypto accounts, which collectively hold more than 5 trillion yen in deposits. This shift aims to strengthen investor protection amid rising fraud cases. However, industry leaders caution that increased compliance costs could threaten the business viability of Japan’s expanding digital asset sector source: https://beincrypto.com/japan-fsa-crypto-regulation-fiea/