Japan – one of the most crypto-friendly nations throughout the globe – has reportedly moved a new crypto regulation to the upper house of the National Diet for final consideration.
As reported by the local media outlet Nikkei on May 21st, the lower house of the Japanese House of Representatives has passed a new bill – which contains a few changes to the current financial law – will be passed to the House of Councillors.
According to the report, the 2 amendments added to the existing laws – the Financial Instruments and Exchange Act and Payment Services Act – aimed to provide regulatory clarity for the digital currency transactions process. The two changes will further complete the rules for cryptocurrency in the region, as official legislation for crypto margin trading will be established.
The new amendments also made a major change in terms of terminology, by approving an alteration for virtual currencies, turning it to “crypto assets”.
Crypto businesses have been waiting for the official introduction of crypto margin trading, as it was briefly introduced by the Japanese authorities in March. The Cabinet of Japan – a government executive branch, consists of the Prime Minister and Cabinet Ministers – passed a draft version of the changes to financial instruments and payment services legislation, which stated that the amount of debt to perform cryptocurrency margin trading cannot exceed 2-4 times the original deposit.
Earlier this month, Japan Minister of Finance and Deputy Prime Minister Taro Aso has reportedly called on journalists to stop using the term “virtual currencies” and opt for “crypto assets”.