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Japan's financial watchdog is implementing legal measures aimed at protecting domestic investors from potential collapses of foreign cryptocurrency exchanges. The proposed regulations would prevent these exchanges from transferring Japanese assets overseas in the event of a failure. This initiative is part of a broader effort to safeguard retail investors amid increasing concerns over the stability of foreign crypto platforms. The move follows recent scrutiny of cryptocurrency operations, including actions taken by Poland against Foris DAX MT, a Maltese operator of Crypto.com, which was added to Poland's KNF alert list for allegedly providing unauthorized financial services.
📰UPDATE: SWITZERLAND REMAINS CAUTIOUS ABOUT CRYPTO, DESPITE THE SUBSTANTIAL GROWTH OF DIGITAL ASSET PRICES, SAYS SWISS NATIONAL BANK CHAIRMAN MARTIN SCHLEGEL
https://t.co/fcrxWIzD1H FACES POLISH REGULATORY HEAT https://t.co/oiMn47DDBr’s crew just got flagged by Poland’s watchdogs. They slapped Foris DAX MT, their Maltese arm, onto its warning list for operating in Polish markets without the proper go-ahead. This comes after a… https://t.co/kCIqDheoOg
Japan's financial watchdog looks to put legal curbs in place to prevent foreign cryptocurrency exchanges from taking domestic assets overseas if they collapse, in an effort to protect retail investors. https://t.co/Qf0im0qrKS