Japan's Financial Services Agency: "Unmanaged Wallet Services" using certification technology do not fall under cryptocurrency trading business

2024-10-09 10:52:38

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ChainCatcher news, according to Coinpost, the Financial Services Agency of Japan has issued a statement believing that "unmanaged wallet services" using certification technology do not fall under the category of cryptocurrency trading businesses (managed businesses). This judgment is seen as a way to help alleviate legal uncertainties in the cryptocurrency (virtual currency) industry.

An unmanaged wallet is a digital wallet for cryptocurrency assets where users can manage their own private keys. This method of bypassing a central administrator is the foundation of widely adopted services in the industry (such as Metamask and Phantom).

This judgment was made through the "Gray Zone Elimination System" based on the Act on Strengthening Industrial Competitiveness. This system aims to promote innovation by clarifying the regulatory applicability in emerging businesses in advance. The relevant procedure was requested by the business minister (in this case, the Ministry of Economy, Trade and Industry) to the regulatory minister (the Financial Services Agency) for confirmation.

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