CandleFocus Spooked by FTX collapse, Japan’s FSA prepares laws to prevent domestic crypto asset loss
2024-11-06
Author: Content Editor
The Financial Services Agency (FSA) in Japan is planning to introduce a new "holding order" to prevent domestic assets from flowing overseas in the event of foreign-based crypto exchange failures. This move is seen as a response to the recent near-collapse of FTX exchange. Currently, holding orders only apply to firms registered under the Financial Instruments and Exchange Act, but the proposed amendment would allow them to apply to all virtual currency exchange companies registered under the Payment Services Act. The aim is to hold domestic assets in Japan, regardless of where the exchange is headquartered.
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