Japan's Senate approves amendment to the Payment Services Act to include the establishment of cryptocurrency "brokerage business"

According to Techub News and CoinPost, the Japanese Senate recently passed an amendment to the Payment Services Act. The bill, submitted to the National Diet in March this year, includes establishing a "intermediary business" for cryptocurrencies. Under the new regulations, companies solely responsible for connecting users with exchange operators will be classified as intermediary institutions and will be subject to a separate registration system. Additionally, the bill includes provisions for investor asset protection, specifically stating that "the Prime Minister may order cryptocurrency exchanges and other institutions to hold a portion of their assets domestically as specified by government ordinance when deemed necessary and appropriate." The passed bill will be implemented within one year of its publication.