At an event in Japan, Binance CEO Richard Teng praised the country's transparent regulatory framework and high adoption of cryptocurrencies. The Financial Services Agency (FSA) oversees Japan's crypto regulations, ensuring safety and transparency through various acts and regulations. Exchanges must register and adhere to strict rules to prevent money laundering and terrorism financing, monitored by self-regulatory groups like the Japan Virtual Currency Exchange Association (JVCEA). The FSA recently issued warnings to several unlicensed businesses. Yufu Shigeyuki of the FSA proposed a reform to protect user assets, including a "domestic asset holding order" for crypto exchanges and separating crypto brokerage services from other businesses. The FSA plans to amend acts like the Trust Business Act and Payment Services Act to implement these changes.



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