Japan’s FSA is set to mandate liability reserves for crypto exchanges to boost consumer protection. The new rules are set to change the market.
Japan is in the process of introducing significant changes to cryptocurrency regulation following renewed attention to Mt. Gox-related repayment activity in 2024.
The Financial Services Agency (FSA) plans to introduce new rules requiring cryptocurrency exchanges to maintain special “liability reserves” to protect customers if their assets are lost due to hacks or unauthorized transfers. The measures aim to bring the cryptocurrency sector closer to the strict standards applied to traditional financial institutions in Japan, one of the world’s most heavily regulated markets.
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