Japan is set to allow trust banks to manage cryptoassets – after a top financial regulator announced plans to roll out legislation that could become legally binding later this year.
The newspaper Nikkei reported that the Financial Services Agency (FSA), the body that polices both the banking sector and the domestic crypto industry wants to “deregulate” trust banks, a measure that will allow these financial institutions to handle coin deposits.
The FSA said that the move would let the institutions treat crypto as “trust assets.” The agency added that cryptoassets were “volatile” and that trading in them “involves high levels of risk.”
The agency said that it was aiming to strengthen investor protection and promote “appropriate” market development by “allowing trust banks” to carry out crypto-related “asset management operations.”
The FSA intends to amend financial sector-related legislation in order to carry out the change, and will hold a one-month consultation on its proposals...
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