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Growth in cryptocurrency trading worries Japanese regulator

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Cryptocurrency Regulation EXPLAINED: The GOOD, The Bad, and The UGLY

Growth in cryptocurrency trading worries Japanese regulator

Growth in cryptocurrency trading worries Japanese regulator
CONTENT

  • The regulator expresses concern about the lack of regulation in the field of cryptocurrency trading

  • FSA is optimistic about the digital currency of the Central Bank

  • Bank of Japan is actively working on the development of the digital yen

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Cryptocurrency exchanges in Japan are under tight scrutiny and trading is still unregulated.

The new head of the Japan Financial Services Agency (FSA), Riozo Himino, who is known as a supporter of the cryptocurrency industry in the ranks of the government, expressed concern about the lack of regulation in the field of cryptocurrency trading.

Deregulation of bitcoin and other cryptocurrencies may not always be associated with the advancement of technological innovation, but rather contributes to the growth of speculative trading.

Japan is one of the main markets for trading digital currencies, and the country’s authorities are loyal to these assets. At the same time, the local regulator actively and carefully monitors the activities of cryptocurrency exchanges after the Coincheck site was hacked in early 2018..

Growth in cryptocurrency trading worries Japanese regulator

To obtain permission to conduct operations in Japan, exchanges must first acquire a license from the FSA.

Himino stressed that the regulator is not taking any specific measures to promote cryptocurrency trading.

Digital currencies of central banks

At the same time, the regulator is still optimistic about the digital currency of the Central Bank (CBDC), which will be included in the plan. for the development of the economy. Riozo Gimino pointed out the advantages of such a currency:

Japan should really seriously consider releasing a CBDC, which has both advantages and disadvantages. Today, we must be prepared for the fact that the Central Bank may at any time decide to issue its own digital currency.

The Bank of Japan is actively working on the development of the digital yen and recently accelerated this process by establishing a special commission to monitor possible difficulties in this matter..

Also, the Bank of Japan is part of a consortium of major central banks (Britain, Canada, Europe), which is studying various aspects of launching digital currencies..

Meanwhile, the Central Bank of South Korea is already testing a pilot version of its digital currency, but does not plan an official launch yet, but is only preparing in case of an urgent need for a launch in the future..

 

 

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Growth in cryptocurrency trading worries Japanese regulator

Cryptocurrency exchanges in Japan are heavily supervised and trade is still unregulated.

The new head of the Japan Financial Services Agency (FSA), Ryoso Himino, who is known as a supporter of the cryptocurrency industry in the ranks of the government, expressed concern about the lack of regulation in the field of cryptocurrency trading.

Deregulation of bitcoin and other cryptocurrencies may not always be associated with the advancement of technological innovation, but rather contributes to the growth of speculative trading.

Japan is one of the main markets for trading digital currencies, and the country’s authorities are loyal to these assets. At the same time, the local regulator actively and carefully monitors the activities of cryptocurrency exchanges after the Coincheck site was hacked in early 2018..

To obtain permission to conduct operations in Japan, exchanges must first acquire a license from the FSA.

Himino stressed that the regulator is not taking any specific measures to promote cryptocurrency trading.

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