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Author Topic: Japan grants cryptocurrency industry self-regulatory status  (Read 268 times)
rickyNmorty
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November 01, 2018, 10:57:34 AM
 #21

Japan is one of Asian country have allowed for using bitcoin s transaction payment, but for taking regulation of bitcoin and altcoin price I think is not good choose because no body could change and have regulation about bitcoin and altcoin price.

It is not really not to have regulations at all. But it would be like having some tax put on it and such. With such legalization, this will be good to the market. This will boost the number of users, which is good to cryptocurrency. This kind of thing that happens is a good indication.
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November 01, 2018, 11:17:13 AM
 #22

This is the kind of news that do influence the market last year and I also believe that in some days to come this is going to push bitcoin upwards.
This isn't the same as what happened last year, and people are already used to having Japan on board. The thing with regulations is that they eventually will bind this market in a web of laws that don't contribute to freedom.

The further we are in progress, the more freedom people lose, and this isn't only related to Asia, but it's happening pretty much in every possible country. That's why I am happy to see local crypto economies emerge.

The more governments push towards regulations, the more inclined people are to shift away from that. If enough people and businesses follow their own path, the better it is, because we don't need to wait for governmental approval.

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November 01, 2018, 12:30:05 PM
 #23

This just means that the eastern countries like Japan are able to see the potential of cryptocurrencies if they integrate it to their economy and not only the blockchain technology unlike some of the European and Western countries where they are still deliberating its potential use. It is now wonder why countries like China have a great advantage in the crypto mining market as they are the first one to see its potential. Hopefully other countries around Japan will also grant self-regulatory status of cryptocurrencies specially to those countries who are considered third world.
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November 01, 2018, 02:05:48 PM
 #24

once again, Japan is ahead of the time.
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November 02, 2018, 10:55:34 AM
 #25

It shocked me
This isn't shocking as expected to one of the well known country that supports crypto.

They are putting it to the next level and this gives the confidence that crypto market is seriously being adopted to Japan. While others are still skeptic and won't ready to adopt it, this is a perfect example and this can put a question on their mind what Japan thinks of crypto's.

Not shocking at all and I can see why Japan is becoming a global center for blockchain ventures and crypto firms. It is obvious that the government of Japan actually sees some great merit in the acceptance, adoption and usage of cryptocurrency, and rather than fight it, it seems they are just looking for more ways to make things a whole lot better in the long run.

This is really something I will call the next level and of course, it really makes a lot of sense having an agency run the whole regulatory and it is one of the main reasons we will even see things get a whole lot better and we will get to see more countries, using Japan as a case study in making things work in theirs as well.
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November 02, 2018, 11:32:16 AM
 #26

While it's definitely great that Japan's crypto industry would now be able to regulate itself, I do wonder if that wouldn't cause Japanese cryptocurrency exchanges to basically make it impossible for new companies to enter the market.

It even says this:

Quote
Yuri Suzuki, senior partner at law firm Atsumi & Sakai, said the self-regulatory body’s rules are stricter than the current law and she expects them to help the industry to regain public trust.

Current Japanese exchanges stand to gain a lot, by making it as difficult as possible for new companies to enter the market.


I agree with you. I think it will help the biggest projects, the one that are already settled. We we'll witness a monopolistic situation set itself in Japan. The market will close itself as it grows with Japanese people trust and investment. Finally it could just look like any other market. It would lead to a total counter productivity for small investors and newcomers.
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November 03, 2018, 10:29:01 AM
 #27

The actions of Japan are fully consistent with the spirit and ideas laid down in the cryptocurrency, namely the freedom from any interference and regulation. The Japanese government has obviously demonstrated trust and respect for the cryptocurrency market. This is great news!
we know Japan is country in forefront of cryptocurrency. of course they always make a breakthrough for development of cryptocurrency, so that if many countries have followed in their footsteps, they will prosper
I just like the fact that even despite some of the big theft cases that happened recently, Japan is still doing everything to make it feel right and make the users protected, while at the same time embracing cryptocurrency. This is a country with a great vision and this is one of the reasons why Japan has become a cryptocurrency haven.

As far as I am concerned, if there is no great benefit they are seeing to make cryptocurrency thrive in the country in terms of adoption, they won't be doing much to making it become a huge reality without any complications in the long run when it comes to usage.
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November 19, 2018, 02:20:03 AM
 #28

Well, I don't know muchcabout all these self regulation for crypto currency but all these sound like good news to me considering that crypto currency has been on the slumps all year round. This could encourage investors to buy more crypto currencies in Japan to bolster their portfolios for the coming bullrun.

patarfweefwee
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December 18, 2018, 03:47:33 AM
 #29

Now this, this is goid news if this article were to be true. Japan being the true visionary and creator of crypto currency gave it a self regulations. Which means that it will always be pro crypto currency in the legislature stand point. I just hope that the other countries will follow suit and see the crypto currency is the answer.

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December 18, 2018, 02:57:44 PM
 #30

Now this, this is goid news if this article were to be true. Japan being the true visionary and creator of crypto currency gave it a self regulations. Which means that it will always be pro crypto currency in the legislature stand point. I just hope that the other countries will follow suit and see the crypto currency is the answer.
Japan was the main place where mt.gox happened, not like it ended in a good way but remember the fact that Japan allowed it to happen.

What would happen if you opened a place like that in USA that early and told the government that you were an exchange for dollars for bitcoin and just went with it ? It would probably created a ton of problems and troubles for you. That is why Japan should be loved for the fact that even that early they were behind the adoption for crypto.

For obvious reasons, mt.gox did not end well for us but thats not their fault, its mt.gox's fault so we can't blame them for it. They have been involved with high tech finance world for over a decade and they have been supportive of crypto. With this new law there will be a lot more business thats based in japan as well.
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March 05, 2019, 12:36:23 PM
 #31

  Japan has to face several cryptocurrency theft even though they have far developed in technology, they embraced Bitcoin transactions .Japan has given self regulatory status only after understanding  about the pro's and con's of self regulation, since cryptocurrency is a decentralized one the exchanges have been increasing rapidly ,Japan became the first country to regulate cryptocurrency exchanges and it encourages technological innovation ensuring consumers protection . The workload will be heavy for the self regulatory body there are issues whether it can give security  ..self regulation have to be managed on the blockchain and could be used safely and also difficult to be attacked . Japan was looking for a decentralized exchange with centralized benefits

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March 05, 2019, 01:21:24 PM
 #32

Japan is so advanced than the other countries in so many things, one would be its government. The trust their government has with the experts on the field is simply admirable, and to know that these experts could abuse the self-regulatory status of the crypto industry in Japan makes it worrying and amazing at the same time. It's amazing that they believe in the real experts rather than push the agenda of some of the government officials that knew nothing about the industry. This is surely another step towards bitcoin adoption, and surely a positive one for the news.
the news was very positive so that it became an announcement for other countries that would be more sensitive to this industry, Japan was very neat and the thinking patterns of its leaders were also more advanced. I really admire even more about the development of technology
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March 15, 2019, 04:02:18 PM
 #33

This is all inseparable from the optimism that is very totality to advance in all fields of industry to become more advanced than some other countries, it is a very good force in which Japan is the most advanced and productive country in the field of technology, of course in Japan it can be called prosperous in terms of economy and comfort, other countries must be able to reflect Japan's presence with all their thoughts, maybe it will be realized for some countries so that it can be the same as Japan, it might happen because thinking has no limits if you want to be consistent in developing anything , it's complicated, but I respect all countries that make it easier for the emergence of crypto currencies.
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