Japan’s Financial Services Agency (FSA) has refuted the recent reports from local news outlets on plans to change the legal basis of existing crypto regulations, Bitcoin.com reported.

In a recent report, Sankei Shimbun stated that the regulator was considering to bringing cryptocurrency exchange regulations under the Financial Instruments and Exchange Act (FIEA).

Impress Corporation has now published the FSA’s take on the report and quoted the agency saying that “there was no such fact.” The FSA said:

“If there are such considerations, it will be taken up as an agenda for the study group…the [said] agenda has not been discussed at all in the past 4 meetings…Things that are not on the agenda at all cannot be considered.”

The FSA regularly holds research meetings with various stakeholders including academics experts, financial practitioners, institutional members, and other industry participants to discuss various issues surrounding the crypto industry, the news outlet added.

Last year, Japan revised its Payment Services Act, which went into effect in April 2017. The law legally recognizes cryptocurrencies as a form of payment and also requires any cryptocurrency exchange intending to do business in the country or solicit its citizens to register with the FSA.