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Title: Japan grants cryptocurrency industry self-regulatory status Post by: Hydrogen on October 25, 2018, 10:32:48 PM Quote TOKYO (Reuters) - Japan’s Financial Services Agency (FSA) on Wednesday gave the cryptocurrency industry self-regulatory status, permitting the Japan Virtual Currency Exchange Association to police and sanction exchanges for any violations. The government has been reviewing its approach toward an industry that has been hit twice by large-scale thefts. The FSA approval gives the industry association rights to set rules to safeguard customer assets, prevent money laundering, and give operational guidelines. The association will also have to police compliance. “It’s a very fast moving industry. It’s better for experts to make rules in a timely manner than bureaucrats do,” a senior FSA official said in a briefing, declining to be named. Similar officially sanctioned bodies exist in industries such as securities brokerages. “We will make further efforts to build an industry that is trusted by customers,” the cryptocurrency industry association said in a statement following the FSA approval. Japan last year became the first country to regulate cryptocurrency exchanges, as it encourages technological innovation while ensuring consumer protection. Exchanges have to register with FSA. Both the regulator and the industry were criticized after about $60 million was stolen from cryptocurrency firm Tech Bureau Corp in September. Before the incident, the company was slapped with two business improvement orders by FSA following the theft of $530 million in digital coins at Tokyo-based cryptocurrency exchange Coincheck Inc in January. Some FSA officials said the crypto industry now needs heavier regulatory approach, while not wanting to stifle its growth. Yuri Suzuki, senior partner at law firm Atsumi & Sakai, said the self-regulatory body’s rules are stricter than the current law and she expects them to help the industry to regain public trust. At the same time, “the self-regulatory body’s workload is likely to be heavy and there is an issue of whether it can secure enough staff with expertise in crypto exchange business,” said Suzuki, who closely follows crypto industry regulation at home and overseas. FSA on Wednesday also published a set of guidelines for those applying to run crypto exchange. The agency said there are about 160 entities expressed interest. There are 16 approved crypto exchanges. FSA has not granted any new approval since December last year. “We are looking into more details than before. In that sense, the approval process has become more strict,” the FSA official said. https://www.reuters.com/article/us-japan-cryptocurrency/japan-grants-cryptocurrency-industry-self-regulatory-status-idUSKCN1MY10W .... This represents a contrast to crypto regulation in other countries whose regulation consists of being overseen and run by banks imo. Over the long term it could mean japan's crypto economy will carry intrinsic advantages over that of the crypto econ of other countries. Japan's traditional culture being one which tends to espouse delayed gratification and hard work over instant gratification and focusing on short term perspecdtives, it is possible their culture will mesh well will with the long term HODL ethos of bitcoin and crypto which highlight long term deflationary models of creating value. Japan's culture also being integral with science fiction, engineering, science, robotics and technology fields could make it more likely to embrace techno currencies like bitcoin which are extremely interesting from a technology and engineering perspective. Perhaps japan and bitcoin will form a type of union that "makes sense". This regulation would appear to be a step in that direction. Title: Re: Japan grants cryptocurrency industry self-regulatory status Post by: dothebeats on October 25, 2018, 11:42:53 PM Japan is so advanced than the other countries in so many things, one would be its government. The trust their government has with the experts on the field is simply admirable, and to know that these experts could abuse the self-regulatory status of the crypto industry in Japan makes it worrying and amazing at the same time. It's amazing that they believe in the real experts rather than push the agenda of some of the government officials that knew nothing about the industry. This is surely another step towards bitcoin adoption, and surely a positive one for the news.
Title: Re: Japan grants cryptocurrency industry self-regulatory status Post by: exstasie on October 26, 2018, 12:41:37 AM This represents a contrast to crypto regulation in other countries whose regulation consists of being overseen and run by banks imo. Over the long term it could mean japan's crypto economy will carry intrinsic advantages over that of the crypto econ of other countries. I definitely agree with that. Self-regulatory bodies are in a better position to act swiftly and ensure best practices vs. dinosaur government agencies that are just beginning to wrap their head around crypto. I don't think Japan will be alone in that respect though. In the US, we have FINRA which self-regulates securities, for example. I'm guessing the US will eventually have a self-regulating organization for cryptocurrencies too. Title: Re: Japan grants cryptocurrency industry self-regulatory status Post by: frowsiter on October 26, 2018, 05:11:04 AM Japans financial Service agency is something the world should know about because they are the one making best decisions about the adoption of crypto currencies. This was the similar period last year when Japan declared crypto currencies as the legal tender in their country and thus there was big boom of it throughout the world as well. Everyone thought that their countries will also do the same, unfortunately it was mess for others. Similarly this year, Japan is advancing their decisions to the next level and making history here. I guess there is no other country which can catch up the law enforcement and adoption of something new so fast as compared to Japan.
Title: Re: Japan grants cryptocurrency industry self-regulatory status Post by: Indrawan77 on October 26, 2018, 05:31:15 AM It shocked me, Japan government really thinking advance and dare to take a great step toward a better system I never thought that a government will dare to make this decision that freely allowed crypto to blend in with banking system, this could be a positive sign that crypto could survive for a long time and maybe could be the trigger for other countries to follow
Title: Re: Japan grants cryptocurrency industry self-regulatory status Post by: cabron on October 26, 2018, 05:35:24 AM Hope the rest of the countries will follow what they are doing, I';ve read this news from cointelegraph yesterday and known cryptocurrency users were very much positive about this act. I think this will really help the adoption in the country. Japan is one of the country with less corruption in the world which I think they learned blockchain can help them advance more in this technology. Title: Re: Japan grants cryptocurrency industry self-regulatory status Post by: yitzjoe on October 26, 2018, 08:30:39 AM Japan is one step ahead of many countries in the world, especially in crypto in general. crypto they make as partners in all fields of work that exist in the country, both tenology, health, entertainment, investment and also gembling.
regulation will indeed experience obstacles but they will continue to achieve maximum effort because they continue to strive for it. Crypto's progress is reflected in this country, and hopefully many countries are able to read and accept Japanese thinking about crypto Title: Re: Japan grants cryptocurrency industry self-regulatory status Post by: FunGate on October 26, 2018, 08:46:33 AM "How you do anything is how you do everything."
Japan is very forward thinking, technologically-oriented country, and definitely has a culture of doing whatever it takes to achieve collective well-being, even if that means temporary discomfort associated with treading in unknown territory. Japan's regulating of cryptocurrency, and imminent success, will set an example for other countries to do the same and will lead to its universal utility. Title: Re: Japan grants cryptocurrency industry self-regulatory status Post by: beerlover on October 29, 2018, 03:37:15 PM This represents a contrast to crypto regulation in other countries whose regulation consists of being overseen and run by banks imo. Over the long term it could mean japan's crypto economy will carry intrinsic advantages over that of the crypto econ of other countries. I definitely agree with that. Self-regulatory bodies are in a better position to act swiftly and ensure best practices vs. dinosaur government agencies that are just beginning to wrap their head around crypto. I don't think Japan will be alone in that respect though. In the US, we have FINRA which self-regulates securities, for example. I'm guessing the US will eventually have a self-regulating organization for cryptocurrencies too. It is obvious Japan is trying to do everything possible to make it a win-win situation for everyone which is why I believe that this step is one of the main things that would really tell on their economy for the greater good in the long run. It is really must be good step in the right direction if I am asked. I like countries that can quickly think on their feet and out of the box, and like the article said, this is a fast growing space and for sure, there is no way you can get it all right immediately, which is why it would keep taking gradual process to refine and tune everything necessary, but I believe this to be a good step actually. Title: Re: Japan grants cryptocurrency industry self-regulatory status Post by: DAVETUN on October 30, 2018, 08:26:54 PM The future is brigth for the cryptocurrency platform, with regulation in the space you can be sure of a positive outcome in the space, as more investors will join the space.
I believe the regulation be effective more when Government is involve and not a self-rugualtory status which is prone to be abuse. Title: Re: Japan grants cryptocurrency industry self-regulatory status Post by: pavka on October 30, 2018, 08:44:39 PM The actions of Japan are fully consistent with the spirit and ideas laid down in the cryptocurrency, namely the freedom from any interference and regulation. The Japanese government has obviously demonstrated trust and respect for the cryptocurrency market. This is great news!
Title: Re: Japan grants cryptocurrency industry self-regulatory status Post by: wahyu wida on October 31, 2018, 04:15:35 AM The actions of Japan are fully consistent with the spirit and ideas laid down in the cryptocurrency, namely the freedom from any interference and regulation. The Japanese government has obviously demonstrated trust and respect for the cryptocurrency market. This is great news! we know Japan is country in forefront of cryptocurrency. of course they always make a breakthrough for development of cryptocurrency, so that if many countries have followed in their footsteps, they will prosperTitle: Re: Japan grants cryptocurrency industry self-regulatory status Post by: jossiel on October 31, 2018, 06:01:26 AM It shocked me This isn't shocking as expected to one of the well known country that supports crypto. They are putting it to the next level and this gives the confidence that crypto market is seriously being adopted to Japan. While others are still skeptic and won't ready to adopt it, this is a perfect example and this can put a question on their mind what Japan thinks of crypto's. Title: Re: Japan grants cryptocurrency industry self-regulatory status Post by: ongkok87 on October 31, 2018, 06:57:02 AM The actions of Japan are fully consistent with the spirit and ideas laid down in the cryptocurrency, namely the freedom from any interference and regulation. The Japanese government has obviously demonstrated trust and respect for the cryptocurrency market. This is great news! we know Japan is country in forefront of cryptocurrency. of course they always make a breakthrough for development of cryptocurrency, so that if many countries have followed in their footsteps, they will prosperTitle: Re: Japan grants cryptocurrency industry self-regulatory status Post by: Idrisu on October 31, 2018, 07:10:05 AM This is the kind of news that do influence the market last year and I also believe that in some days to come this is going to push bitcoin upwards. Many good news are out there this days and those news are going to be transmitted into upwards price movement in weeks to come.
Title: Re: Japan grants cryptocurrency industry self-regulatory status Post by: Enzos on October 31, 2018, 07:19:59 AM I know Japan very well, although the Japanese committed many sins in World War II. But on the economy and the quality of the nation, Japan is the highest in the world. They are the Japanese people who threatened the Japanese island during the earthquake and tsunami. They have a sense of crisis from birth, which makes their hugs for the next era often faster than other countries. This has something to do with the national conditions. This is an oriental civilization that cannot be ignored. . Mentioned that Japan had to mention China, the Japanese clan originated from the Chinese civilization, and the East would illuminate the future world economy.
Title: Re: Japan grants cryptocurrency industry self-regulatory status Post by: Bitcotalk on November 01, 2018, 10:13:21 AM Bitcoin was already big in japan as it is. There was this card company (kinda like gift card type deal I think) that basically could be bought with bitcoin and accepted in 260 thousand stores which is basically almost everywhere. We are talking about two hundred and sixt thousand stores that indirectly takes bitcoin, that is as adopted as it gets.
Maybe they are not taking bitcoin directly but they are accepting that card and you can buy that card with bitcoin which indirectly means they accept bitcoin. All these considered japan is still one of the most inclusive countries to get into so it would be definetly to our advantage to have improvements to bitcoin world made by japan. They could really help us out on the entrepreneur ways and find a japanese way to add something to crypto world. Title: Re: Japan grants cryptocurrency industry self-regulatory status Post by: serizawa on November 01, 2018, 10:28:11 AM Japan and Singapore are very accepting of Bitcoin and now Japan describes the regulatory status of bitcoin as this is very encouraging news for bitcoin holders
Title: Re: Japan grants cryptocurrency industry self-regulatory status Post by: eternalgloom on November 01, 2018, 10:50:08 AM While it's definitely great that Japan's crypto industry would now be able to regulate itself, I do wonder if that wouldn't cause Japanese cryptocurrency exchanges to basically make it impossible for new companies to enter the market.
It even says this: Quote Yuri Suzuki, senior partner at law firm Atsumi & Sakai, said the self-regulatory body’s rules are stricter than the current law and she expects them to help the industry to regain public trust. Current Japanese exchanges stand to gain a lot, by making it as difficult as possible for new companies to enter the market. Title: Re: Japan grants cryptocurrency industry self-regulatory status Post by: rickyNmorty on November 01, 2018, 10:57:34 AM Japan is one of Asian country have allowed for using bitcoin s transaction payment, but for taking regulation of bitcoin and altcoin price I think is not good choose because no body could change and have regulation about bitcoin and altcoin price. It is not really not to have regulations at all. But it would be like having some tax put on it and such. With such legalization, this will be good to the market. This will boost the number of users, which is good to cryptocurrency. This kind of thing that happens is a good indication. Title: Re: Japan grants cryptocurrency industry self-regulatory status Post by: BitHodler on November 01, 2018, 11:17:13 AM This is the kind of news that do influence the market last year and I also believe that in some days to come this is going to push bitcoin upwards. This isn't the same as what happened last year, and people are already used to having Japan on board. The thing with regulations is that they eventually will bind this market in a web of laws that don't contribute to freedom.The further we are in progress, the more freedom people lose, and this isn't only related to Asia, but it's happening pretty much in every possible country. That's why I am happy to see local crypto economies emerge. The more governments push towards regulations, the more inclined people are to shift away from that. If enough people and businesses follow their own path, the better it is, because we don't need to wait for governmental approval. Title: Re: Japan grants cryptocurrency industry self-regulatory status Post by: tenebriscaelum on November 01, 2018, 12:30:05 PM This just means that the eastern countries like Japan are able to see the potential of cryptocurrencies if they integrate it to their economy and not only the blockchain technology unlike some of the European and Western countries where they are still deliberating its potential use. It is now wonder why countries like China have a great advantage in the crypto mining market as they are the first one to see its potential. Hopefully other countries around Japan will also grant self-regulatory status of cryptocurrencies specially to those countries who are considered third world.
Title: Re: Japan grants cryptocurrency industry self-regulatory status Post by: sinkfish on November 01, 2018, 02:05:48 PM once again, Japan is ahead of the time.
Title: Re: Japan grants cryptocurrency industry self-regulatory status Post by: Whosdaddy on November 02, 2018, 10:55:34 AM It shocked me This isn't shocking as expected to one of the well known country that supports crypto. They are putting it to the next level and this gives the confidence that crypto market is seriously being adopted to Japan. While others are still skeptic and won't ready to adopt it, this is a perfect example and this can put a question on their mind what Japan thinks of crypto's. This is really something I will call the next level and of course, it really makes a lot of sense having an agency run the whole regulatory and it is one of the main reasons we will even see things get a whole lot better and we will get to see more countries, using Japan as a case study in making things work in theirs as well. Title: Re: Japan grants cryptocurrency industry self-regulatory status Post by: Sane_Thane on November 02, 2018, 11:32:16 AM While it's definitely great that Japan's crypto industry would now be able to regulate itself, I do wonder if that wouldn't cause Japanese cryptocurrency exchanges to basically make it impossible for new companies to enter the market. It even says this: Quote Yuri Suzuki, senior partner at law firm Atsumi & Sakai, said the self-regulatory body’s rules are stricter than the current law and she expects them to help the industry to regain public trust. Current Japanese exchanges stand to gain a lot, by making it as difficult as possible for new companies to enter the market. I agree with you. I think it will help the biggest projects, the one that are already settled. We we'll witness a monopolistic situation set itself in Japan. The market will close itself as it grows with Japanese people trust and investment. Finally it could just look like any other market. It would lead to a total counter productivity for small investors and newcomers. Title: Re: Japan grants cryptocurrency industry self-regulatory status Post by: geopolisch on November 03, 2018, 10:29:01 AM The actions of Japan are fully consistent with the spirit and ideas laid down in the cryptocurrency, namely the freedom from any interference and regulation. The Japanese government has obviously demonstrated trust and respect for the cryptocurrency market. This is great news! we know Japan is country in forefront of cryptocurrency. of course they always make a breakthrough for development of cryptocurrency, so that if many countries have followed in their footsteps, they will prosperAs far as I am concerned, if there is no great benefit they are seeing to make cryptocurrency thrive in the country in terms of adoption, they won't be doing much to making it become a huge reality without any complications in the long run when it comes to usage. Title: Re: Japan grants cryptocurrency industry self-regulatory status Post by: squog on November 19, 2018, 02:20:03 AM Well, I don't know muchcabout all these self regulation for crypto currency but all these sound like good news to me considering that crypto currency has been on the slumps all year round. This could encourage investors to buy more crypto currencies in Japan to bolster their portfolios for the coming bullrun.
Title: Re: Japan grants cryptocurrency industry self-regulatory status Post by: patarfweefwee on December 18, 2018, 03:47:33 AM Now this, this is goid news if this article were to be true. Japan being the true visionary and creator of crypto currency gave it a self regulations. Which means that it will always be pro crypto currency in the legislature stand point. I just hope that the other countries will follow suit and see the crypto currency is the answer.
Title: Re: Japan grants cryptocurrency industry self-regulatory status Post by: Supercrypt on December 18, 2018, 02:57:44 PM Now this, this is goid news if this article were to be true. Japan being the true visionary and creator of crypto currency gave it a self regulations. Which means that it will always be pro crypto currency in the legislature stand point. I just hope that the other countries will follow suit and see the crypto currency is the answer. Japan was the main place where mt.gox happened, not like it ended in a good way but remember the fact that Japan allowed it to happen.What would happen if you opened a place like that in USA that early and told the government that you were an exchange for dollars for bitcoin and just went with it ? It would probably created a ton of problems and troubles for you. That is why Japan should be loved for the fact that even that early they were behind the adoption for crypto. For obvious reasons, mt.gox did not end well for us but thats not their fault, its mt.gox's fault so we can't blame them for it. They have been involved with high tech finance world for over a decade and they have been supportive of crypto. With this new law there will be a lot more business thats based in japan as well. Title: Re: Japan grants cryptocurrency industry self-regulatory status Post by: Stac on March 05, 2019, 12:36:23 PM Japan has to face several cryptocurrency theft even though they have far developed in technology, they embraced Bitcoin transactions .Japan has given self regulatory status only after understanding about the pro's and con's of self regulation, since cryptocurrency is a decentralized one the exchanges have been increasing rapidly ,Japan became the first country to regulate cryptocurrency exchanges and it encourages technological innovation ensuring consumers protection . The workload will be heavy for the self regulatory body there are issues whether it can give security ..self regulation have to be managed on the blockchain and could be used safely and also difficult to be attacked . Japan was looking for a decentralized exchange with centralized benefits
Title: Re: Japan grants cryptocurrency industry self-regulatory status Post by: kodtycoon on March 05, 2019, 01:21:24 PM Japan is so advanced than the other countries in so many things, one would be its government. The trust their government has with the experts on the field is simply admirable, and to know that these experts could abuse the self-regulatory status of the crypto industry in Japan makes it worrying and amazing at the same time. It's amazing that they believe in the real experts rather than push the agenda of some of the government officials that knew nothing about the industry. This is surely another step towards bitcoin adoption, and surely a positive one for the news. the news was very positive so that it became an announcement for other countries that would be more sensitive to this industry, Japan was very neat and the thinking patterns of its leaders were also more advanced. I really admire even more about the development of technologyTitle: Re: Japan grants cryptocurrency industry self-regulatory status Post by: rizkyhiw on March 15, 2019, 04:02:18 PM This is all inseparable from the optimism that is very totality to advance in all fields of industry to become more advanced than some other countries, it is a very good force in which Japan is the most advanced and productive country in the field of technology, of course in Japan it can be called prosperous in terms of economy and comfort, other countries must be able to reflect Japan's presence with all their thoughts, maybe it will be realized for some countries so that it can be the same as Japan, it might happen because thinking has no limits if you want to be consistent in developing anything , it's complicated, but I respect all countries that make it easier for the emergence of crypto currencies.
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