TOKYO—The Japanese government has made amendments to two Acts, the Financial Instruments and Exchange Act and the Fund Settlement Act, in order to accommodate virtual currencies.
This move further adds to the regulatory progress that the country is making for cryptocurrencies, Invest In Blockchain reported.
The development will change the description of virtual currencies into cryptographic assets, primarily for legal purposes, Invest In Blockchain stated.
“However, this will not affect the companies that have already registered themselves with the term ‘virtual currency.’ The report also states that the amendment will not require any individuals to name them as such,” Invest In Blockchain explained.
The main revisions brought to the table by the amendment include the name change, the prohibition of advertising and solicitation that encourages speculation, maintaining an information disclosure system, and the prohibition of unfair trade such as the popularization of reputation and price manipulation.