Woofun AI reports that Japan's House of Councillors passed the revised Financial Instruments and Exchange Act on July 15, officially integrating cryptocurrency assets into the financial product regulatory framework. The legislation mandates that exchanges maintain liability reserves, a requirement widely anticipated to accelerate industry consolidation and eliminate non-compliant entities. Masahiko Saito, head of the Financial Services Agency's Market Division, clarified that the agency does not endorse or recommend cryptocurrency trading.