Altcoins Talks - Cryptocurrency Forum

Further Discussions => Legality & Taxation of Cryptos => Topic started by: mlawson71 on July 21, 2021, 01:30:22 PM

Title: Japan: Talk of New Crypto Regulation During Volatile Times
Post by: mlawson71 on July 21, 2021, 01:30:22 PM

Japan is looking into introducing more stringent cryptocurrency regulation. The local financial regulator, the Financial Services Agency (FSA) and the Ministry of Finance are working on establishing a totally new regulatory framework.
So far the Ministry of finance is hiring more operatives while the regulator FSA is focusing on the future of cryptocurrency regulations. The FSA also founded a new division as part of the agency that will be focusing on various cryptocurrency-related affairs, though for the moment there are no available details.
According to recent reports, however, Japanese officials are worried about how privately held funds are influencing financial systems and regulators want to know what the consequences of using stablecoins are.
Source (https://theforexreview.com/2021/07/20/japan-talk-of-new-crypto-regulation-during-volatile-times/)
Japan has long been welcoming to cryptos so they likely won’t ban the industry but the regulators will probably want to have a closer oversight on it.

Title: Re: Japan: Talk of New Crypto Regulation During Volatile Times
Post by: TomPluz on July 22, 2021, 07:09:16 AM

Well, this is quite expected especially in Japan where it is part of their culture to always follow the laws and regulations. Maybe all we want is that there should be comprehensive and coherence in implementing the available regulatory policies of the country towards cryptocurrency. The industry has been growing well in Japan and legit operators should welcome and work with the government on the matter so that it can lead to a better and stronger market in the next few years. Regulations can be liken to tax...its is no good to avoid them.