Japan Approves Self-Regulation for Cryptocurrency Industry

[Johnyz]

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.

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.

[Crypdon]

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

[zikzag]

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.

[gabmen]

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.

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.

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.

[GreatOrchid]

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.

[awik p]

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

[usorin]

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?

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.

[superstarbtc]

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

[StarofBTC]

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

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.

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.

[ongkok87]

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.

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

[haidil]

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.

[Faxmate]

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.

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

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.

[gowobonyok]

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.

[tetyulfania]

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.

[Sanitough]

Do you think we'll see this happening in other countries anytime soon?

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.

[mostcrack]

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.

[BlueStackz]

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.

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.

hopefully it can help the market to recover. In all, everyone knows Japan is a pretty big country.

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.

Japan with bitcoin is quite good at receiving it.

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.

[Kevin77]

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.