Bitcoin Forum

Japan’s primary financial regulator has formally granted the cryptocurrency industry with a self-regulatory status by allowing an industry body to police domestic exchanges. With the acquisition of the accreditation, they'll continue to make further efforts to create an industry that people can trust from everyone who uses virtual currency with members exchanges. Do you think we'll see this happening in other countries anytime soon?

This is very interesting. I also think it is the best thing for the cryptocurrency. I believe this decision taken in Japan will limit the government's direct influence or control in the country while still ensuring that their is a regulation. This similar arrangement should also be implemented in other jurisdictions.

I don't know if this is a new news coming from Japan because its been reported in the last couple of months already. Anyways, this is a positive news for Japan's trading exchange to police themselves, instead of having a regulatory body to overlook everything. At least this will make those local Japanese exchanges self-reliant and I think they can really do it by themselves. I'm pretty sure that government knows what they're doing, maybe this is just a test run or an experiment, but if it proves beneficial to both of them, then it could set a precedence globally.

Great :) If it means what I think it means they are going to grant more freedom and independence to the market. The role of the government is to help people, regulate in order to make it safer and more convenient, not regulate to make it harder for businesses to operate like the government of the USA. I hope that more countries will choose this approach and follow the lead of Malta, Japan, and many other Bitcoin friendly countries, where you don't have to worry about being arrested for selling on localbitcoins.

I believe that many Japanese businessmen are most policy compliant in accordance with their laws in their country. Self-regulation was a good mindset and that what makes the Japanese people being admirable for a good business deal. Although cryptocurrency trading was unregulated in some countries being a self-regulated establishment is a good indication that the business is more trustworthy and that is why a Japanese firm is a good business model.

Japan proving once again why they'll become the real cryptocurrency mecca in the future. Good for the govt to give the crypto industry in the country have more autonomy so that it continues to grow without too much hassle.

It depends on whether this proves to be a succesful aproach from the govt or not (from an economic point of view, since all the govt around want is money). I can see this happening in countries actively showing their pro-crypto stance, like some countries in Europe or even South Korea.

The OP is referring to this news like 3 weeks ago, Japanese Financial Services Authority Approves Self-Regulation for Crypto (https://bitcoinmagazine.com/articles/japanese-financial-services-authority-approves-self-regulation-crypto/). We all know that Japanese culture is very different specially in terms of discipline. So I'm not surprised that local Japanese trading platforms has given the go signal to self-police themselves. Just look at how they re-acted to two most recent hacks, Crypto Exchange Zaif Reveals Customer Compensation Plan after $60 Million Hack (https://www.ccn.com/crypto-exchange-zaif-reveals-customer-compensation-plan-after-60-million-hack/) and Coincheck Completes $430 Million Customer Refund (https://www.newsbtc.com/2018/03/13/coincheck-completes-430-million-customer-refund/). So you see they really have this discipline and they honour everything because of their culture. As compare to a recent Canadian exchange hack, MapleChange Supposedly Hacked, Owner Disappears (With Multiple Traces) (https://beincrypto.com/maplechange-supposedly-hacked-owner-disappears/), LOL. I'm not really sure if we can witness this kind of stance on other so called pro-crypto countries though. It will be good if they follow self-regulatory, so let's see how it pans out in the future though.

Japan is a magical country, and Japan’s attitude towards digital currency is very friendly!
The self-regulation of the digital currency industry in an orderly manner is now more conducive to the healthy development of the cryptocurrency industry.

Japan has always been open to crypto currency which is why I am not surprised by this move which is towards encouraging the continued penetration of crypto and at the same time that people should not perceive some undue interference from the government. Seeing this from other countries, I will not be too optimistic about that as most governments primary objective is control which is why most of them have remained on the fence as it relates to crypto so coming with self regulation as a way is not something I am seeing happening anytime soon.

Japan is a very advanced country and highly appreciates the advances in technology, so they easily make regulations about crypto currencies. they have never been afraid of the negative effects of the crypto currency in their country

in my opinion there will be a major country to follow in Japan's footsteps, it could be like a Korean country that would be a major influence on crypto. with the regulation in Japan, the Japanese government can condition crypto conditions in Japan.

Thats a great news, finally coming from the land of the rising sun. I knew Japan would finally change the vecter towards crypto adoption.

This shows the big support of this country to the crypto currency but i hope they really studied it well before implementing it as it sounds like too much freedom to me although Japanese are known honest and pride people but my concern is the outside world of Japan like some foreign crypto users and projects that might abuse this privilege inside Japan.

I hope that with the regulation of virtual money or cryptocurrency in Japan, there will be other countries that follow. Japan is a developed country that pays attention to the development of crypto so that its people are not harmed.

Crypto is not designed to be controlled by a government but equally it must be respectful of laws and regulations so this seems to be the best middle ground. It's also good that the industry will be regulated by itself because that's where the real expertise and understanding lies. If it was put to the government they would struggle because of how new a technology and asset class crypto is.

Japan has always been a kind to crypto in general. Last year before all the hype happened in crypto there was a news about one card company that would accept you to pay them to fill the card with crypto if you want and would be accepted at over 260 thousand places all over japan.

You wouldn't be technically paying them crypto but the card will turn your crypto into fiat and the stores would be taking fiat whereas you would be spending crypto, which is the best way for adoption right now in crypto world.

In a country that accepts crypto at over 260 thousand stores I think it is not a surprise that regulations are much better than most other countries that tries to over regulate or over tax the crypto companies to squeeze as much money as they can from them making them barely survive.

I'm not surprised because Japan is highly advanced in technology and that is how the economy trives. Such move can only be adequate for the kind of growth rate. Off course, digital currency regime should be pioneered by technologically advanced states.

Discipline! I like that!! Following a self-regulatory plan has always helped honestly and it has a lot of advantages than disadvantages. For what it is worth though, we have seen in so many ways how the market has really been growing in this region due to the fact that they did not just allow it, but for the fact that they are doing everything possible to make it work.

It is a good way to set the ball rolling for others to see how things should get done which I believe as time goes on; Japan will be more of a case study when it comes to the adoption of cryptocurrency and of course, this will always give Japan the edge when it comes to being early adopters.

That is always the thing with having visionary leaders. They are always smart enough to see things people could not see and in that way, they are always able to take the bold brilliant step in setting the space. This is indeed a very brilliant idea, which I believe will really end up flying big time and even help in the development of the space within that territory.

It is always a good thing to have a body that will regulate itself and then we will be able to see it get even more interesting as people tend to follow certain rules and then no compromise in a way at all.

Japan is a developed nation technologically, they tends to dictate the next move in technological advancement to other countries, with an approval of self regulations for cryptocurrency, it will sure increase the number of investors in the community as it is obvious that government in Japan will not ban cryptocurrency.

Japan is the world's leading developer of electronic money. The country accepts electronic payments in daily transactions. So Japan's acceptance of self-regulation for the electronics industry is coming to an end sooner or later. In other countries this will be slower.

indeed, Japan will do everything to make cryptocurrency develop including selt-regulation in the industrial world. Japanese government policies certainly always support the development of crypto

I think they will not be able to do anything besides being whacked by the whales. We are currently being oppressed and unable to resist. Its capitalization is too big and it can do everything. Japanese should think of ways to prevent manipulation before entering this market.

Japan is crypto supporting country so they accept everything in this crypto platform. But other countries are discussing the different manner in crypto so economic development is major role in all the crypto regulation peoples are said in Bitcoin is always unique and individual so we should buy more crypto in today market.

We should not believe easily to the news we saw in this forum. Some of the news have no basis and we know that those no basis can only be an opinion. It is not a fact coming from Japan unless otherwise it publish by legit media like CNN. Japan is an industrialized country and they want some innovation like cryptocurrency

That is a great moves in the side of Japan to established a self regulatory cryptocurrency industry that will operate within a regulatory framework, and to see other countries adopting this kin of move will future strengthen the adoption of cryptocurrency and boost the confidence of the people to option into using cryptocurrency as their secondary currency.

Japan is one of the most influential countries in the world industry, I hope that Japan's current policy can encourage other countries to follow the policy, because if all countries can adopt policies like Japan then it is not impossible that crypto currencies will grow more significantly because of the increased trust of the community and SCAM actions I think it can also be more monitored

This is just another step of Japan to become top of the list of most influential countries when we talk about cryptocurrency. Japan is always open for a new trend of technology where most of them are too hungry for new knowledge since they were on the top most of the world right now. But their knowledge seems to not yet contented due to the people's satisfaction.

I think its good news but in others side, government should involved when creating regulation. Government needed to protect investor money because in many country cryptocurrency still unregulated. We saw many scam ICOs this year and many investor lossing their money

Japan is one of the pioneers of bitcoin, so it's not surprising to agree to crypto settings.
Japan is a developed country with high technology and a smart society so the crypto industry can easily expand widely.

we may not see this happening in another countriessoonest but this is a great developments and that is how it ought to be.  Japanese traders and investors are the one that makes bitcoin grow in 2017 and I think they are about to do the samething in 2019. Remember that Japan economics also grow in 2017 because of cryptocurrencies market and give self regulations is an indication that cryptocurrencies is here to stay!

Japan is the best country always support of bitcoin, maybe we are still remember when Chinese banned for using bitcoin as transaction payment, but only Japan want to allow bitcoin as transaction payment.

Of course they're the number bitcoin friendly since China made its U-turn. What made Japan stand out is their willingness to experiment things and even we have heard exchanges being hack in Japan, you can see the owners are willing to compensate them unlike other exchanges. So this news is very welcoming indeed and one step of the game or even a game changer decision by the Japanese government.

I guess many countries have already started to study on this self-regulation as most of them are deliberately looking for what kind of regulation they are able to put on this crypto currencies space as this industry looks like beyond any control. I'm expecting a big success from this Japan's initiative so that other countries will be following it. I like this self-regulation as it will be ensuring the basics of decentralization is as far as I have understood.

Yes, that is now the case study for many European countries and they are all working on that. Crypto currencies are going to stay with us for sure but the question is how easily that is going to be. But, when seeing how Japan kind of countries are doing, I guess bitcoin may get into mainstream more smoother than we could imagine.

The Japanese government is a lot more open-minded than most of the other countries in the world. They were the first government to accept Bitcoin as a currency, when other countries defined Bitcoin as a commodity.

Now they approve self-regulation with a currency that has the potential to be used for money laundering and also criminal activities and capital flight. We should applaud them for this and support them in this endeavor. Create mechanisms that would help to prevent this and also counter measures to catch the criminals that misuse this technology.  >:( 

I was a little hesitant and was surprised they entrusted self-regulation considering that many ordinary people saw bitcoin as a criminal tool, although, I'm quite happy there are countries that strongly believe in cryptocurrency. Other countries that follow to approve self-regulation I don't think there is and in my opinion India is the closest to cryptocurrency other than Japan, while news says that India is very strict in terms of regulating crypto.

We, this is one of an informative topic here in the community. For me, Japan is an open-minded when it comes to innovation. Sometimes they are number one who accepted some digital things. They are also advanced in robotics or any things when it comes to technology thats why their country is well developed amd many high tech things was invented in their country.

These innovative changes usually come from Asia, as this time again. I really hope that we will see in the near future in other countries bodies like this one. Taking this into account, people will start trusting cryptocurrencies more because it can be noticed now that there is a huge gap due to the "war" that Financial institutions make to Bitcoin and other cryptos.
Maybe Japan can start promoting such pacts with other countries in a form of trading agreements.

I really think they indeed looked up into something about countermeasures about money laundering and criminal activities when accepting this self-regulation since they all want to play safe, just like what South Korea did with its legislation on cryptocurrency. In fact, if we haven't actually read their self regulation entirely, we should not be that sad since we are talking about these Japanese people.

That is great for crypto users especially, it means that crypto currency users can feel more secure by this acquisition.
Further we will see other countries as Japan's as the development of crypto users rapidly increase, it needs regulator from any authority to avoid crime and funds fraud.

However, crypto users don't need to be panic for not guaranteed by government because all are secure as long as the users keep the information account safe;y. 

 I guess Japan is the  first Asian country that have legalized Bitcoin and   Japan had planned to become the Asian  Bitcoin capital of the world .Even though  the technology of Japan is fast developing and more hacker are there even though they embraced Bitcoin legally.and Japan became the first country to regulate virtual currency .trading as a part of encouraging people towards Bitcoin and to give security for their assets.Mostly all the countries around the globe feel difficult to regulate Bitcoin some countries take  secure by banning Bitcoin in their country . Since Japan is well developed in technology they encourage their people in digital currency .

Always a great place for a great technologies. Japan is a big country that can influence their neighbors, and for sure Japan will become the center of cryptocurrency in Asia. Its a good move, i hope my country will also have a goal like this so we can also be morw cryptofriendly in the future.

it does not rule out the possibility, but since long time ago, Japan was very Pro with cryptocurrency, especially bitcoin.
as we know there are some Japanese companies that even give their employees a bitcoin salary.

It is very true, now they will have an endorsement to make this even more legal, which can generate a good turn to the market, when there is direct interaction with other people who are not so involved in the market, the market is expanding, Japan has a great community, both enthusiasts, miners and merchants.

This is great news in the cryptocurrency community as it helps enthusiasts, investors and traders safety. I do hope my country or some countries will be adopting  such move to ensure it's citizens safety towards cryptocurrency related investments.  We cannot trust exchanges and ICO's without government's regulation and this is really one of the most important part of this industry and I know everyone love it.

Japan is early country that allowing transaction bitcoin in merchant, restaurant etc. The climate for cryptocurrency is good in Japan and crypto community. With self regulation, i think it crypto community in Japan will growing fast

I have seen more new updates from cryptocurrency as of today. And almost everything seems to be positive about its adoption. The possibility of prices going up in almost all cryptocurrency is really a big for the coming days. I just hope this trend continues so that people who are non users will be encourage to use it as well.

I think the price of cryptocurrency will not directly be able to increase prices, surely there will be a stage to make the price of the cryptocurrency rise, and even then it requires many people to buy cryptocurrency so that the price can recover.

You see why Japan will always be ahead of so many countries. I believe in a short time so many countries will be left with no choice than to follow suit. It’s great news to all cryptocurrency users because everyone is aware that Japan is a trend setter and a country that is developed and with high technology, developing countries look up to them in making decisions and this decision taken by them will have a long way to go in influencing other countries. They are really so supportive and I truly applaud them.

Japan is one of the crypto powerhouse I should say, they can really give impact to this industry. Through the green light that they rate crypto, they just show to the world how serious they are in the blockchain space I wonder why some other countries hard to realise its potential.

Probably not only Japan, but Japan has a really poor record for self regulation. This could be worse than no regulation at all.

I knew another source that said japan's FSA gave the cryptocurrency industry self-regulatory status, permitting the japan virtual currency exchange to police and sanction exchanges for any violations. In essence this policy is very good

I think yes, every country should improve security for cryptocurrency users so this step should be taken.

That could be great if we can see that in other countries but i think it will be hard to introduce that in for example USA
Europe is open and Europe is working on friendly  regulation what will also protect customers
EU is slow because there is 28 countries members and that year are election for EU Parliament

Japan is a developed country in the field of technology, they will surely open themselves to the development of digital currencies including crypto currencies.
regulations that are made for sure have been carefully calculated so as not to affect the economy of their country

Yes, I think so too, You can imagine a developed country as Japan accepting and adopting Bitcoin and yet some other developing countries still finding it difficult to adopt. They are actually very well developed with good technology. I do really hope my country can start thinking of doing the same thing.

I can just imagine how much changes this would bring to the country both individually and collectively

As always, one of the early adopters of technology. This is pretty compelling and powerful news. I'll be interested to see if this benefits Crypto as a whole, or a select few heavy hands from the banks.

Seems like a good opportunity for banks to get involved with moving money without oversight.

the prevailing traditions in Japan are indeed very good to imitate in all countries. but the problem is that not all countries have good traditions. a clear example in developing countries of corruptors and the collusion and nepotism system is still very strong and cannot be destroyed, so we still hope that perhaps with the cryptocurrency all difficulties can be quickly overcome.

There is no doubt that Japan is a power house when it comes to technology and its implementation but it is a bloody expensive country for start ups to pop up, majority of the countries have accepted the power of blockchain but they are confused on how to regulate the use of cryptocurrency and their fear lies in the fact that the control over their citizens on how to trade will diminish.

I am not aware about the details on self regulation they are implementing, but what i presume is that, in order to tackle the hacks, inside trading and other things that can happen in this market, these exchanges should work together and implement a system so that the standards are kept intact.

I'm betting they'll be putting up some safeguards for ICO projects along with these regulations. Many are victims of ICOs because of how vulnerable they are. The government is obligated to protect its citizens and should be concerned by how rampant ICO scams are. Along with the regulation should come protection. They should probably implement a licensing system for the exchanges and ICO projects. This way, they are able to monitor and enforce these entities.

We will see more of the regulations processes in other countries around the world, because government are now interested in the cryptocurrency industry and at that the only way to protect the interest of the government in terms of tax collection and also the interest of the citizens is to regulate the industry and Japan and others are on the way to doing that.

A country like japan can be a big thing in cryptomarket, we know how Japanese government works and if they trust this for sure their people will follow that. We may not see a real quick pump on the price but in the future, this will be a big price pump.

They are basically outsourcing their responsibilities because it is impossible to regulate. Wise decision, Monero, zcash, deeponion, they will push past any regulation

Japan ahead of the rest. This is a very good example of how to develop new technologies. It is a pity that most countries do not understand this.

Well leave to the japanese to jumpstart innovation. Definitely it's a positive news that hopefully will see confidence slowly return to would be investors. But i don't think the japanese government will leave crypto self-regulated entirely though. Of course they would have to still look into certain aspects especially when it comes to security.

Japan made a very great idea and already been implementing it. This is totally, a great impact for the community of crypto currencies. For people and users of the different crypto currencies, as a part of the crypto community, to have this kind of matter is a great news to have. This decision made Japan to create and approves this self-regulation for crypto currency industry made the entire crypto community avoided from the eyes of the government’s influence.
A very interesting and exciting thing to have also in my country. More interesting and very promising opportunities are coming out from the crypto world. Hopefully that this will continuously be going.

Japan is the leading country in making policies on cryptocurrency, even in Japan, the company has started paying employee salaries using bitcoin. let alone see the name of the creator of BTC from Japan

I am thinking that the japanese cars and technology is spread world wide, why would not be the same with this regulations? I have a positive feeling about it.

Japan is forming guidelines not only for their country but forming an example for other countries as well Which is good for cryptocurrency industry  to have a friendly and supporting country in the field of crypto

Well, I think it putting up safeguards for ICO project might be something they might have to look in to later  because the trading exchange platform that has been put in place to enable them protect themselves alone is a very good way of securing them, as there is no more regulatory body that watches over everything.

They are now watchmen for themselves. I also want to believe the local Japanese exchanges will now learn to be independent. Any for your Suggestion of implementation of a licensing system for exchanges and ICO,I would say you  have a good idea there and we hope the government of Japan comes through with this.

That's right and hopefully with Japanese countries willing to accept the rules about crypto currencies that can be demonstrated by big countries to accept crypto currencies. so this will be a way for crypto currencies to grow

developed countries such as Japan will definitely implement the method as advanced as this, but in other countries it may require processes and again may require permission because not all countries will accept the use of virtual money.

Yeah that decision by Japan will open new ways for crypto currency to grow, as some countries who are sponsored by Japan were waiting for it and now they also will accept crypto currency method for fast and easy transaction, any country can do this but it is about regulation of government, if government wants crypto currency can become regular without any issue.

of course waiting for the next results from Japan. because the state definitely wants to see tangible evidence of what benefits can be obtained from crypto regulation, especially for developing countries.

Japan is the greatest country and have big effect for world economic, by accepting and approved of bitcoin as transaction payment will give more effect for bitcoin could raising up to higher price, we are waiting will be the next country want to accepted bitcoin.

I have no doubt it will happen, Japan is one of the leading country in Asia so it has a good influence to other countries.
Personally in our country, I see that it's crypto friendly though I don't see a good development compared to Japan but eventually things will mature
and the government will be able to find a good standard to use for regulation. Regulation is the key to adoption whether we like it or not.

with good news like this, hopefully it can help the market to recover. In all, everyone knows Japan is a pretty big country. and what I've heard, Japan with bitcoin is quite good at receiving it. Moreover, Japan is a developed country with quite good and modern technology.

Japan is always on top of its game. When other countries couldn’t get the definition of Bitcoin, they grabbed it as a currency, and while others are still there struggling to adopt, they have come up with a self-regulation policy that the potential to curb criminal activities. Well, they are leading by example and I hope other countries would do same so that they won’t be left behind in the end.

This will not directly impact on bitcoin market's recovery but it will help more crypto related business to grow and evolve which will support bitcoin to recover. It means we must give time for this news to impact on bitcoin markets.

I also read that Japan economy and per capita are all improving due to bitcoin adoption but not sure about the reliability of those news still Japan is not changing their stand on legalization of bitcoins since their initiative hence we must need to understand that bitcoin adoption is contributing them in positive way.

I guess it is not as good as everyone thinks, when you have self regulation it is both a bliss and a curse, you do really have to self-"regulate" as well, this doesn't mean government just says "go do whatever you want" if the government realizes you do not regulate yourself and do whatever you want than there are consequences, so yeah its great that Japanese crypto currency people and companies have more freedom than anyone in the world but it is also a lot of responsibility.

Whole world is watching and if they make it work than it is great and all other countries will slowly start to adapt the same thing however if they somehow find a way to screw up and than its going to be a lot of negative people using that as an excuse to not make bitcoin self-regulated anywhere else.