Japan's Financial Services Agency (FSA) is set to ban banks and insurance companies from directly selling virtual currencies, citing concerns over price volatility and cybersecurity risks. This regulatory move aims to safeguard financial stability and consumer protection. However, securities firms might still be allowed to offer these services, with potential exceptions for securities subsidiaries of banks or insurers, contingent on implementing strong risk management protocols. The FSA plans to submit the necessary legal amendments during the National Diet's regular session next year.
Japan to Prohibit Banks and Insurers from Direct Virtual Currency Sales
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