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Author Topic: [2017-09-25] Japan's BTC Exchanges Under Regulator Surveillance From October  (Read 3004 times)
moriskarlov
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September 25, 2017, 01:13:44 PM
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Japan's Financial Services Agency (FSA) will begin more closely monitoring cryptocurrency exchanges from next month.

According to the Japan Times, the increased scrutiny is aimed to ensure that the companies comply to the revised payment services law, passed in April this year, which set out operational standards for exchanges, as well as recognizing bitcoin as a form of legal tender.

An FSA executive reportedly indicated the surveillance is intended both to regulate the exchanges and to ensure the healthy growth of the cryptocurrency market, saying:

    "We pursue both market fostering and regulation enforcement. ... We aim for sound market development."

The payment services law passed earlier this year established anti-money laundering and know-your-customer rules for the exchanges. The law is also intended to enforce security standards aimed to protect the exchanges from the risk of cyberattack.

The law specifies that all exchanges must report to the authorities by the end of September to confirm they are compliant with the new rules. The FSA also has the remit to conduct on-site inspections if deemed necessary.

To monitor the over 20 cryptocurrency exchanges operating in Japan, the FSA last month established a specialised surveillance team, reportedly comprised of 30 staff members.

Japan is no stranger to cryptocurrency based fraud, with 33 cases, representing more than a half of million dollars-worth of loses, reported in the first seven months of 2017.

Further, in 2014, the now-notorious Japan-based bitcoin exchange Mt Gox collapsed, resulting in the loss of millions of dollars in customers' funds. Japanese lawmakers have previously cited the exchange's failure as a key driver in the move to regulate the cryptocurrency industry.

https://www.coindesk.com/japans-bitcoin-exchanges-under-regulator-surveillance-from-october/
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Irvinn
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September 25, 2017, 05:35:33 PM
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Japan is now demonstrating to the world how necessary it is to pursue a policy on crypto currency and reasonable methods of its regulation. This approach can serve as an imitation for other countries. This is especially true of China. There they sometimes take too harsh and unjustified measures, including those that they intend to implement in the near future.

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September 25, 2017, 10:06:10 PM
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Japan is now demonstrating to the world how necessary it is to pursue a policy on crypto currency and reasonable methods of its regulation. This approach can serve as an imitation for other countries. This is especially true of China. There they sometimes take too harsh and unjustified measures, including those that they intend to implement in the near future.

China has always been harsh on anything that they can't control. In this case it's the crypto market that is getting a beat down, but this behavior is also common when it comes to western sites and businesses offering their services in China. We should stop spending time on China because they aren't a contributing factor anymore -- even more precisely said, they are an obstacle. Japan and South Korea are showing how fair regulations and an open mind allow new technologies to develop themselves nicely in their country.
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September 26, 2017, 03:11:32 AM
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Japan is now demonstrating to the world how necessary it is to pursue a policy on crypto currency and reasonable methods of its regulation. This approach can serve as an imitation for other countries. This is especially true of China. There they sometimes take too harsh and unjustified measures, including those that they intend to implement in the near future.

What Japan is doing right now can be the model of how a country can be dealing with Bitcoin, cryptocurrency in general and the sprouting exchanges doing business in this area. While the ideal way is to have an unregulated and decentralized marketplace, human nature is always present and can be the reason why there can be chaos instead of order. Japanese are always big fans of order and since they already learned the big lessons with Mt. Gox failure the regulatory bodies are right now working to make sure that rules are being followed as a way to protect the general investors and consumers of cryptocurrency.

This is how things should be done not banning the whole thing. China would soon feel that they are missing something in the cryptocurrency bandwagon and who knows by next year the country can be coming back into the club with much better regulatory framework and platform to work on. There are many benefits that a country can gain from cryptocurrency and Japan is showing to the whole world those benefits.

Long live, Japan!
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September 26, 2017, 06:59:47 AM
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Clarity in terms of regulation is always good. This might boost the confidence that ordinary people have in Bitcoin and more people might invest in it. No wonder Japan is leading the world.


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