According to Ledger Insights, the Financial Services Agency (FSA) of Japan is studying a lightweight regulatory scheme for cryptocurrency intermediaries. These intermediaries do not directly participate in cryptocurrency transactions but act as traffic guides for trading platforms (such as gaming applications or self-custody wallets), without touching crypto assets or cash. According to the proposal, relevant institutions must register as intermediaries, fulfill information disclosure obligations, comply with advertising restrictions, and bear potential liability in case of issues. The FSA is also considering compensation mechanisms, including requiring intermediaries to pay a deposit or holding their affiliated cryptocurrency exchanges accountable.