[2018-08-23] Japan’s New FSA Chief Backs Crypto Industry Growth

[ivanpoldark]

The new head of Japan’s primary financial regulator has backed the domestic cryptocurrency sector to grow while ruling out ‘excessive’ regulation for exchanges.

In statements certain to encourage the domestic cryptocurrency sector, Toshihide Endo, the newly appointed commissioner of Japan’s Financial Services Agency (FSA), told Reuters that the authority is aiming to ‘strike a balance’ between protecting consumers while promoting innovation within the sector without restrictive policies targeting cryptocurrency exchanges.

The regulatory chief told Reuters:

“We have no intention to curb [the cryptocurrency sector] excessively. We would like to see it grow under appropriate regulation.”

Read more: https://www.ccn.com/no-excessive-regulation-japans-new-fsa-chief-backs-crypto-industry-growth/

[Slow death]

“We have no intention to curb [the cryptocurrency sector] excessively. We would like to see it grow under appropriate regulation.”

the problem is what " appropriate regulation. " means. They could use the same rules they do for banks in their country, they could say that everyone who wants to get a license to operate an exchange in their country should have a license, a physical office, be a member of the exchange association of Japan, exact days that inspections will happen by the government, so. Do not need to treat exchange as if they were something marginalized