The Japanese government has established a new cryptocurrency "intermediary industry" system to strengthen user asset protection

On June 6, the Japanese House of Councillors passed an amendment to the Fund Settlement Law, establishing a new system for "crypto asset intermediary businesses" that allows companies to provide matching services without registering as crypto asset exchange operators, aiming to lower market entry barriers and promote crypto financial innovation. The amendment also adds a "domestic retention order" clause, granting the government the power to order platforms to keep a portion of user assets within Japan when necessary, preventing asset outflows risks similar to the FTX bankruptcy event. The new law is expected to be officially implemented within one year of its publication. (CoinPost)