Japan to Provide G20 With Solution for Crypto Regulation

[Beerwizzard]

Wars? North Korea nuclear programme? Or maybe international relationships? What will leaders of the most powerful countries discuss? Do you really believe that the world's elite will gather in China, sit around the table and would start discussing cryptocurrencies? IMHO it sounds like bullshit.

Discussion related to a billion dollar market sounds crazy? You have got to be kidding with me. I know that there are far more important issues which you mentioned, but majority of the entire world recognized Bitcoin(Positive or negative) after the 2017 rally.

This is why this isn't a trivial issue at all, but I don't think one country can change the opinions of others unless there is some kind of huge incentive for them.

First of all those billions do not influence the world economy so that's probably not the most important thing that they should discuss.
Second is that politicians are taking part in G20 summits, not economists and not bankers. They are not competent to discuss economic details and they probably won't do it.

[Yaunfitda]

I don't think g20 would adopt this because it comprises of nations and some off those nation might have there own different opinion when it comes to cryptocurrency so I don't think this would materialize

And that is why they are trying to make compromise here.

As Japan has already a big supporter to the cryptocurrency usage it will take further steps to make every country get into bitcoin usage. As the regulation of bitcoin into countries were a big concern for lot of users G20 summit is being focused on the issue. From my view we'll get some positive support and surely this will cause a big change in the prevailing market of bitcoin and other cryptocurrencies.

The thing is that there are also lots of nation in the opposite side of the spectrum. So I don't think that this proposal will have positive support specially from the other side. I say it would get approve. Let every country have their own regulatory framework and not some standards.

[lyks15]

I hope G20 will adopt crypto regulation. We all know that Japan is a rich and progressive country and they have enough knowledge in digital industry. So I believe that they can easily convince other country to adopt crypto regulation. Even most of country are against bitcoin I know that Japan can be a role model to other country about crypto regulation.

[figmentofmyass]

In my opinion, Japan has one of the best regulations for cryptocurrencies. Unlike other countries we call 'crypto-friendly', Japan actually recognizes Bitcoin as a legal tender.

recognizing bitcoin this way amounted to very rigid AML/KYC procedures and strict supervision by the FSA. not only that, but as others have mentioned, the FSA has also been forcing exchanges to remove privacy coins in order to receive an operating license.

best regulations? i don't think so.

[Kakmakr]

https://news.bitcoin.com/japan-g20-cryptocurrency-regulation/

Japan is preparing to share its experience regarding cryptocurrency regulation with finance ministers and central bank governors from other G20 countries at the upcoming summit which it will host in June. According to local media, Japanese regulators have a solution for crypto regulation to offer the G20 countries.

According to local news outlet Sankeibiz, Japanese regulators have created a handbook “that each [G20] country can use for regulations, such as measures to prevent the outflow of virtual currency.”

“International rules are being developed to prevent money laundering and terrorist financing, with virtual currency restrictions in place,” the news outlet described Monday. “On the other hand, there are no rules in terms of the protection of customer assets and the soundness of the market, so it is the first time that certain ideas are shared internationally,”

It remains to be seen whether the other G20 countries are interested though.

Sounds like Japan's trying to break Bitcoin. This is why I can't trust a government to regulate anything that goes beyond their sphere of influence; they totally muck it up.

There isn't any way to "prevent" the outflow of Bitcoin without some kind of massive intervention, and a hard fork, which would somehow limit transactions to their geographical coordinates. There isn't any way to implement something like that in a way that the community will accept. Trying to add consumer protection can easily be done through expanded escrow services, it's not like a government has to step in and operate Bitcoin wallets like they're bank accounts.

Nope, they cannot "change" the Bitcoin protocol or hardfork the technology to suite their needs. They will use proper regulation to "force" people to use Bitcoin in a way that KYC/AML is required by law. If someone use Bitcoin without these requirements, they will be prosecuted.

A lot of criminals will still be able to bypass capital control mechanisms, so they will just hunt them down and make examples of them. So the message to the G20 countries will be to "outlaw" Bitcoin use without KYC/AML regulations. 

[ubay]

Japan is indeed a very advanced country in terms of technology, it can see great opportunities in the future for bitcoin. Therefore Japan fights for bitcoin to become legal throughout the world. It is indeed not an easy thing, but if we join in supporting it then it will definitely happen.

[Irvinn]

Japan can really help the G-20 countries to understand how to handle cryptocurrency and how to regulate it. Only I don’t like that the issues of preventing dirty money laundering and combating the financing of terrorism are discussed first, and only after that the general issues of cryptocurrency circulation and protection of participants of the cryptocurrency market are discussed. The issue of regulating the activities of the ICO has long been long overdue, but for some reason, the states in this matter are too slow.

[Artemis3]

Japan KYC includes sending you a 2fa code by mail. No not email, actual snail mail, as a letter to the physical address you provide... I hope, such ideas don't spread. But yes i admit that's one of the countries with most experience regulating (over or under) Bitcoin and others. I know for a fact using Bitflyer is a PITA compared to your average American exchange. Oddly that particular exchange also works as sort of payment processor for some stores, and confusingly, call that service Lightning (completely unrelated to LN). So you get to read things like "Lightning payments" on their site...