Japanese Regulators Publish New Draft for Domestic Cryptocurrency Framework
Late last week, the Financial Services Agency (FSA), the top financial regulator in Japan, published a draft report which outlined the new framework for addressing cryptocurrencies and Initial Con Offerings (ICOs) in the country.
As a regulator, the FSA has to submit bills and stay accountable to the Japanese parliament, however, the agency is also responsible for supervising financial activities in the country.
Concerning deemed dealers, the report proposed some regulatory measures. First, it established that they should not be able to expand their portfolio of coins until they get proper registration. Earlier in August, new FSA Commissioner Toshihide Endo had told Reuters in an interview that the agency had no plans to shut down the cryptocurrency sector.