New arrangements for cryptocurrencies in Japan due to “unexpected delays” will come into force on May 1, and not from April, as previously planned.
That is about improvements to the Law on Financial Settlements and the Law on Financial Instruments and Exchanges. The changes in them concern both changes in the basic terminology, for example, “cryptoactive” instead of virtual currency, and the direct regulation of the cryptocurrency industry.
Besides, the amendments provide for the separation by exchanges of their own and user funds through a third-party company that will use "reliable methods" like cold wallets.
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If users insist on hot wallets, platforms are required to have an appropriate amount of assets, so that in case of hacking and theft of funds, they will compensate for losses immediately.