No ‘Excessive’ Regulation: Japan’s New FSA Chief Backs Crypto Industry GrowthThe 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.”
Japan has already taken a proactive lead among the world’s major economies by becoming the first nation to enact legislation that recognized cryptocurrencies like bitcoin as a legal method of payment while regulating cryptocurrency exchanges under a national licensing program.
https://www.ccn.com/no-excessive-regulation-japans-new-fsa-chief-backs-crypto-industry-growth/
