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As stated above there are no specific laws to regulate this industry. Thus, lawmakers decided to amend existing regulations in 2019. Last year, the Japanese House of Representatives passed the Payments Services Act (PSA) as well as Financial Instruments Exchange Act (FIEA).
Interestingly, the revised version of PSA contains many changes. However, some of them are quite basic. For instance, people should use updated terminology, instead of “virtual currency” they should say “crypto asset”.
Nevertheless, there are more important changes as well, such as tightening restrictions on crypto custodians.

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