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Author Topic: Japan's FSA Declaration about Cryptocurrency Regulations  (Read 59 times)
Sandus_Cryptolover
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August 22, 2018, 10:02:41 PM
Merited by BitcoinNewbie15 (1)
 #1

Japan's FSA (Finanical Services Agency) states that they have no intention to "excessively" regulate Cryptocurrency
- “We have no intention to curb (the crypto industry) excessively,” he told the publication. “We would like to see it grow under appropriate regulation", said Toshihide Endo.
Japan has a very welcoming stance regarding cryptocurrency and was one of the first countries to make Bitcoin legal tender.

https://bitcoinist.com/japan-fsa-no-excessively-regulate-cryptocurrency/

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August 22, 2018, 10:06:13 PM
 #2

Japan's FSA (Finanical Services Agency) states that they have no intention to "excessively" regulate Cryptocurrency
- “We have no intention to curb (the crypto industry) excessively,” he told the publication. “We would like to see it grow under appropriate regulation", said Toshihide Endo.
Japan has a very welcoming stance regarding cryptocurrency and was one of the first countries to make Bitcoin legal tender.

https://bitcoinist.com/japan-fsa-no-excessively-regulate-cryptocurrency/

That is a pretty good decision. Kudos to them!

Thanks for sharing.

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August 22, 2018, 10:40:35 PM
 #3

Japan remains a friendly environment for cryptocurrencies, but growing AML concerns are drawing the FSA’s attention to further regulatory steps. Following talks between exchanges and the FSA, an agreement to form a self-regulatory body – the Japanese Virtual Currency Exchange Association (JVCEA) –  was put in place. The JVCEA will provide advice to as-yet unlicensed exchanges and promote regulatory compliance. Cryptocurrency exchange regulations in Japan are similarly progressive. Exchanges are legal in Japan, but after a series of high profile hacks, including the notorious Coincheck heist of $530 million in digital currency, crypto regulations have become an urgent national concern. Japan’s Financial Services Agency (FSA) has stepped up efforts to regulate trading and exchanges: amendments to the Payment Services Act now require cryptocurrency exchanges to be registered with the FSA in order to operate – a process which can take up to six months, and which imposes stricter requirements around both cybersecurity and AML/CFT.



 




 
BitcoinNewbie15
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August 23, 2018, 03:17:37 AM
 #4

Japan's FSA (Finanical Services Agency) states that they have no intention to "excessively" regulate Cryptocurrency
- “We have no intention to curb (the crypto industry) excessively,” he told the publication. “We would like to see it grow under appropriate regulation", said Toshihide Endo.
Japan has a very welcoming stance regarding cryptocurrency and was one of the first countries to make Bitcoin legal tender.

https://bitcoinist.com/japan-fsa-no-excessively-regulate-cryptocurrency/

Wow, this is great news, I have not heard about this yet!  With this, and the fact that you can use Bitcoin now to pay bills in Australia, we are moving in the right direction! This sets a great precedent, and I hope to see other countries following suit really soon. Hope to see more countries labeling Bitcoin as legal tender as well.

This paints a really bullish future. Adoption is on the rise, hodl on boys.


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billy4u
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August 23, 2018, 08:43:05 AM
 #5

Great news for all crypto enthusiasts. Kudos to Japanese for their efforts. It adds to the positive news for the future of cryptocurrencies.
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August 23, 2018, 09:01:29 AM
 #6

We covered Japan Bitcoin Exchanges earlier because Kraken had left Japan and Bitbank and bitFlyer left the JVCEA over regulator "warnings."

Japanese will move towards anonymous exchanges because Japanese banks are struggling to survive and arguing about who is to blame.

They might tell the media they embrace crypto but exchanges wouldn't have left the country if they felt welcome in the country. It doesn't affect bitcoin really, just different ways of people buying it in the country if the regulation continues to be strict.

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jseverson
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August 23, 2018, 09:17:20 AM
 #7

This is the right way to go in my opinion. Regulate cryptocurrency businesses, but as much as possible, leave the users alone. This way, they're basically treating it like fiat in a sense where most of their users just want to go on with their lives and that they're usually the victims of abuse by businesses.

They might tell the media they embrace crypto but exchanges wouldn't have left the country if they felt welcome in the country.

Funny you should mention Kraken feeling unwelcome when they themselves actually think Japanese regulations are a step in the right direction:

While Japan’s VC Act isn’t perfect, it is a good example of what (relatively) reasonable regulation can do for a country.  Huge, traditional financial services are rushing in to crypto.  For them, certainty is everything and now they have it.  Japan’s crypto market is sure to be highly competitive, which is a great thing for consumers.  I have to give the FSA in Japan a tremendous amount of credit for getting it together.  They are a fine regulator to work with.  Hopefully, Kraken will find an opportunity to re-enter the market in the near future.

They also go into some detail as to why they left Japan in the article, and it's definitely not because they felt unwelcome.

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August 23, 2018, 10:35:34 AM
 #8

To be honest I am anticipating Japan to be the first country which can make the Bitcoin something we go and in the same level as a current payment methods, that would be just awesome for us.

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August 23, 2018, 10:47:30 AM
 #9

This is the right way to go in my opinion. Regulate cryptocurrency businesses, but as much as possible, leave the users alone. This way, they're basically treating it like fiat in a sense where most of their users just want to go on with their lives and that they're usually the victims of abuse by businesses.

They might tell the media they embrace crypto but exchanges wouldn't have left the country if they felt welcome in the country.

Funny you should mention Kraken feeling unwelcome when they themselves actually think Japanese regulations are a step in the right direction:

While Japan’s VC Act isn’t perfect, it is a good example of what (relatively) reasonable regulation can do for a country.  Huge, traditional financial services are rushing in to crypto.  For them, certainty is everything and now they have it.  Japan’s crypto market is sure to be highly competitive, which is a great thing for consumers.  I have to give the FSA in Japan a tremendous amount of credit for getting it together.  They are a fine regulator to work with.  Hopefully, Kraken will find an opportunity to re-enter the market in the near future.

They also go into some detail as to why they left Japan in the article, and it's definitely not because they felt unwelcome.

Yeah but the same article has 10 things Kraken couldnt DO that the regulator requested...some of them not possible...

Quote
   
Kraken’s recent response to the NYAG’s questionnaire should not be taken as an indication that Kraken is opposed to working with government.  The problems with the NYAG’s request are as follows:

The deadline of 2 weeks is unreasonable given the scope.
    
The publication of the request, lack of any prior communication and inclusion of exchanges which are clearly outside of the AG’s jurisdiction (including Kraken) raise questions about the true motive. It comes off as a publicity stunt.
    
The request is ill-prepared. It’s an overly broad fishing expedition that asks questions irrelevant to the stated objective and misses obvious questions that actually would be helpful.
    
Much of this information was already provided to the NYDFS in 2014.
    
Much of this information was already provided to FinCEN in our 2017 audit.
    
Much of this information is publicly available on our website.
    
Some of this information is proprietary, trade secret information and kept confidential for competitive reasons.
    
Some of this information is highly sensitive and kept confidential for security reasons.
    
It is not clear that the complete production can remain private, especially given the government’s recent track record of getting hacked.
    
The AG demands Kraken, which has no NY clients, to assist in protecting NY consumers (presumably against those who have obtained the BitLicense), without offering any sort of compensation for the professional consulting work.

And it doesn't seem Japan has made any effort to make it easier for exchanges since that time to actually do business there.

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Sandus_Cryptolover
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August 23, 2018, 10:47:38 AM
 #10

To be honest I am anticipating Japan to be the first country which can make the Bitcoin something we go and in the same level as a current payment methods, that would be just awesome for us.

I equally look forward to Japan setting the pace for other neighboring countries to follow through. Japan over time has been very supportive of the blockchain technology and what it has to offer the world. Looking forward to such wonderful news from neighbouring countries in no distance time.

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jseverson
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August 23, 2018, 11:06:59 AM
 #11

-snip-

Yeah but the same article has 10 things Kraken couldnt DO that the regulator requested...some of them not possible...

-snip-

And it doesn't seem Japan has made any effort to make it easier for exchanges since that time to actually do business there.

That part of the blog you quoted wasn't referring to Japan though, but New York's inquiry regarding their application as a money-services business. NYAG means New York Attorney General lol. You can find more info about it here.

The section below what you quoted talks specifically about Japan and is headlined by "Our Departure from Japan". They did encounter difficulties, but as they said themselves, Japan's regulation is at the very least, relatively reasonable.

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August 23, 2018, 02:01:27 PM
 #12

-snip-

Yeah but the same article has 10 things Kraken couldnt DO that the regulator requested...some of them not possible...

-snip-

And it doesn't seem Japan has made any effort to make it easier for exchanges since that time to actually do business there.

That part of the blog you quoted wasn't referring to Japan though, but New York's inquiry regarding their application as a money-services business. NYAG means New York Attorney General lol. You can find more info about it here.

The section below what you quoted talks specifically about Japan and is headlined by "Our Departure from Japan". They did encounter difficulties, but as they said themselves, Japan's regulation is at the very least, relatively reasonable.

Lest we forget, Japan had embrace crypto and they're a crypto haven that's why I was quite surprised Kraken decided to close its door on Japan market, I hope though its just temporary. Perhaps it steams from the $560 million hack of Coincheck, and Japanese government calling for a tight regulations that's why FSA somewhat trying to amend regulatory steps that will be both good for the protections of user and trading platforms as well, but not too excessive to drive out exchange out of their country.

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