The Japanese Senate passed an amendment to the "Fund Settlement Act," establishing a new system for cryptocurrency intermediaries

ChainCatcher news, according to CoinPost, the Japanese Senate passed an amendment to the "Funds Settlement Act" on June 6, establishing a new system for "crypto asset intermediary businesses," allowing companies to engage in matching services without the need to register as crypto asset exchange operators, aiming to lower market entry barriers and promote innovation in crypto finance.

The amendment also added a "domestic retention order" clause, granting the government the power to order platforms to keep a portion of user assets within Japan when necessary, to prevent the outflow risk of assets similar to the FTX bankruptcy incident. The new law is expected to come into effect within one year from the date of announcement.