21 Page 20 of the Report of Working Group on Regulations on Payment and Settlement and Regulations on Cross-Sectional the act of representing a party ("agency") nor the act of causing a contract to be executed in one's own name on behalf of another party ("brokerage") is considered "intermediation", nor are such acts considered to be a Financial Services Intermediary Business. Creation of the category Financial Services Intermediary Business will enable the proliferation of new businesses such as: (i) Business of introducing loans or of comparing or recommending deposits, securities or insurance products suitable for an individual's life plan based on their financial needs and status obtained through a personal finance app for smartphones; and 21 (ii) Business of providing services to support the accounting of business operators by way of accounting software, etc. and recommending financing products suitable for each business operator by understanding financial needs based on transaction/financial information as determined through the services. However, a Financial Services Intermediary Business Operator cannot handle any of the types of agreements listed (i) through (iv) above if it requires highly professional explanations to customers in the course of the intermediation services (brackets in Articles 11(2) through 11(5) of the Financial Services Act), such as, for example, structured deposits for (i) above, variable insurance and foreign currency denominated insurance for (ii) above, or derivative transactions for (iii) above (Articles 17 to 20 of the Order for Enforcement of the Act on Provision of Financial Services (“Financial Services Act Enforcement Order”), and Articles 4 to 6 of the Cabinet Office Order of the said Act). For this reason, any person who considers entering the Financial Services Intermediary Business needs to structure a business model taking into account such restrictions on the business. Crypto-Assets Exchange Business (Article 2(7) of PSA): purchase and sale of crypto-assets or exchange for other crypto-assets; (i) intermediation, brokerage or agency of (i); (ii) management of user funds for the purpose of (i) or (ii); or (iii) management of crypto-assets for another person. Providing customers with a place for sale or exchange of crypto-assets falls under (i). An exchange that matches buy and sell orders between customers falls under (ii). A service that manages crypto-assets or manages the private keys necessary for the transfer of crypto-assets falls under (iv). Conducting a Crypto-Assets Exchange Business requires registration pursuant to PSA (Article 63-2 of PSA). Crypto-Assets Exchange Business i. Conducting any of the following as a business with respect to crypto-assets such as Bitcoin constitutes a (iv) Financial Services Intermediaries of the Financial System Council (December 20, 2019) 48
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