SunshineCollector

🇵🇰 Pakistan’s central bank just reversed its 2018 ban.
Banks are now allowed to open accounts for licensed crypto companies

(The FSA) Previously regulated cryptocurrency assets under the "Funds Clearing Law," using payment methods as the basis for supervision. As the investment purposes for cryptocurrency assets continue to expand, the proportion of users holding assets for profit has significantly increased, and the current regulatory framework has become insufficient to effectively protect investors' rights. Based on this background, the Financial Services Agency has decided to transfer the regulatory framework to the "Financial Instruments and Exchange Act," placing cryptocurrency assets on equal legal footing with stocks, bonds, and other traditional financial products, and related industry players will also face compliance standards similar to traditional financial institutions. This transition further aligns Japan's cryptocurrency regulatory structure with the mainstream financial regulations of major G7 economies. Core provisions of the amendment: strengthened obligations and upgraded penalties.
Main changes in the amendment:
Insider trading ban: Explicitly prohibits trading cryptocurrency assets using material non-public information, filling gaps in current law.
Annual disclosure obligations: Cryptocurrency issuers must regularly disclose financial and business information to regulators and investors.
Change of operator name: Registered operators are officially renamed from "cryptocurrency exchange operators" to "cryptocurrency trading operators."
Increased criminal penalties: The maximum prison sentence for unlicensed operators is increased from 3 years to 10 years, and the fine cap is raised from 3 million yen to 10 million yen.