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The Japan Financial Services Agency is considering introducing new regulations that would require cryptocurrency custody services to be registered
BlockBeats News, November 10th - According to The Block, the Japanese Financial Services Agency (FSA) is considering establishing a new system that would require digital asset custodians and transaction management service providers to report to and register with the regulatory agency before providing services to cryptocurrency exchanges. A working group under a council advising Japan's prime minister on financial systems, discussed this issue on November 7th.
Currently, cryptocurrency exchanges are required to rigorously manage customer deposits, including holding user assets in cold wallets. However, there are currently no regulatory rules specifically for third-party service providers that collaborate with exchanges.
The FSA plans to mandate that custodial and service providers must register with the regulatory authority, and exchanges can only use systems provided by these registered custodians. This is aimed at addressing security vulnerabilities to prevent risks such as asset theft or system failures.
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