Financial regulators worldwide have endeavored to foster the crypto industry’s growth and ensure customer protection. Japan’s Financial Services Agency (FSA) plans to relax crypto gaming regulations to attract more businesses. Meanwhile, South Korea’s Financial Supervisory Service (FSS) introduced a zero-tolerance policy to fight illegal crypto trading practices.
Japan Eases Crypto Gaming Regulations
Japan began discussing the implementation of new crypto policies on September 25, 2024. The regulators are expected to establish a novel system, revising the Payment Services Act. A working group will overhaul the current laws to implement crypto-friendly gaming regulations.
Tokyo’s stringent regulations deterred companies from entering the blockchain gaming market. Soon, the country is expected to witness a revitalized domestic crypto-gaming sector. The regulators have also initiated talks on reviewing asset management regulations. Experts acknowledged this as a game-changing move. It signals a major shift in the country’s approach to crypto and blockchain gaming sectors.
Australia to Introduce New Crypto Licensing RegulationsSouth Korea’s Zero-Tolerance Policy
In a meeting with crypto leaders, FSS Governor Lee Bok-hyun introduced the zero-tolerance policy. The country’s new venture envisions combating crypto threats and protecting investors. With the enhanced policy, South Korea intends to address the growing threats of the crypto industry. The FSS chief stressed the significance of crypto companies’ strict adherence to regulatory compliance. The regulator scrutinizes market fluctuations to protect investors against manipulation or fake announcements.
Lee Bok-hyun stated that the individuals responsible for illicit transactions would be punished. He added, “The financial government will continue to enforce the Virtual Asset Users Act by carrying out its oversight, review and inspection duties, prioritizing user protection.”
