The Japan Financial Services Agency (FSA) lately adopted Huobi Token (HT), and the eponymous exchange became the first global platform whose native token received permission from a specific jurisdiction.
FSA has established HT as a crypto asset that complies with the country's regulatory rules, and token trading in Japan will be allowed from May 1, 2020. The FSA also controlled the use of 25 other tokens that were on the safe assets list (the “white list”).
Japan began to introduce a tough regulatory framework for cryptos last year, when the House of Representatives decided to amend the PSA and the FIEA, which will start operating on May 1.
Morrison & Foerster Law Firm believes that improvements to the above rules will help form a more powerful crypto industry in the country. The organization also explained that in addition to firms that provide sale, purchase, and mediation, the PSA law will affect custodial service providers, as well as positively influence investors.
Since May, according to the current rules, all derivatives of crypto assets must be inspected per the FIEA rules, and companies that somehow work with them must register with the regulator.
All custodial services that store client crypto assets are going to necessitate registering as providers of exchange services. PSA also requires customers to deposit funds in personal accounts, while up to 95% of digital coins must be kept in cold wallets.