Japan's Financial Services Agency considers introducing new regulations, plans to require registration for cryptocurrency custody services
Foresight News reported, citing Nikkei, that Japan's Financial Services Agency (FSA) is considering establishing a new system requiring digital asset custodians and trading management service providers to file and register with regulatory authorities before offering services to cryptocurrency trading platforms. A working group under the Financial System Council, an advisory body to the Japanese Prime Minister, discussed this issue on November 7. The FSA plans to require custodians and trading service providers to register with the relevant authorities, and trading platforms will only be allowed to use systems provided by these registered custodians. This move aims to address security vulnerabilities and prevent risks such as asset theft or system failures.
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