Japan Plans to Allow Banks to Offer Crypto Trading & Invest in Bitcoin

The Financial Services Agency (FSA) is proposing major changes for Japanese banks regarding cryptocurrency, potentially revolutionizing the country’s crypto landscape. Under current regulations, banks are barred from directly engaging in cryptocurrency trading due to limitations under the Banking Act. The FSA intends to change this by allowing subsidiaries of banking groups to register as crypto asset providers, effectively placing them on equal footing with existing players like SBI VC Trade and Rakuten Wallet. This shift would likely lead to increased competition within Japan’s burgeoning crypto market.