Japanese Trust Banks Likely to Gain Permission to Handle Crypto from Autumn - Aliens: AI Crypto News & Markets Updates
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Japanese Trust Banks Likely to Gain Permission to Handle Crypto from Autumn

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Cryptonews

Sat, Jul 02, 2022

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The newspaper Nikkei reported that the Financial Services Agency (FSA), the body that polices both the banking sector and the domestic crypto industry wants to “deregulate” trust banks, a measure that will allow these financial institutions to handle coin deposits.

The FSA said that the move would let the institutions treat crypto as “trust assets.” The agency added that cryptoassets were “volatile” and that trading in them “involves high levels of risk.” The agency said that it was aiming to strengthen investor protection and promote “appropriate” market development by “allowing trust banks” to carry out crypto-related “asset management operations.” The FSA intends to amend financial sector-related legislation in order to carry out the change, and will hold a one-month consultation on its proposals before enshrining its decision into law.

Last month, key revisions to the Funds Settlement Law were made, allowing conventional banks, asset transfer providers, and trust banks to issue stablecoins that are pegged to the Japanese yen.

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