Japan just gave its cryptocurrency industry legal power to police itself

[Nicholson55]

The cryptocurrency scene is evolving too quickly for policymakers to keep up - well that’s the rationale behind a move by Japan to officially let thee industry create and enforce its own rules. If the approach works, it is likely that other not-do-forward-in-the-crypto-world nations will also test it. Apparently "Japan’s Financial Services Agency has granted the Japan Virtual Currency Exchange Association, a self-regulatory organization made up of representatives from cryptocurrency exchanges, authority to create rules aimed at protecting consumers, preventing money laundering, and standardizing how exchanges should operate. The agency also gets the power to sanction exchanges for breaking those rules, reports Reuters." Opinions on this? Will it be successful or fail miserably, or something in between? Will others follow soon?

I found information regarding this in a Technology Review article : https://www.technologyreview.com/the-download/612347/japan-just-gave-its-cryptocurrency-industry-legal-power-to-police-itself/

[1715055995]

1715055995

[BitcoinHodler]

With rules such as these being implemented we could hope to see a lot of growth for cryptocurrency. Japan would set a standard or ideals for the parameters around everything cryptocurrency and rules regulating it which if successful, a lot of other countries would try to adopt it with their way of thinking included and thus could possibly be potentially growth for the future of global awareness.

it would depend on the rules themselves and also on how they are being enforced. you can never expect people to just follow the rules! we need an enforcement in place so that it can fight those who defy the rules.
and in this case i am wondering whether this can create exchanges that scam and run away or will it reduce the chances.

[MainIbem]

Though cryptos are a decentralized environment, there is a need for rules and regulations. Most people don't understand how this environment works so crafting a regulation is difficult. The Japanese have done the right thing by asking the industry operators to craft their own laws. It is the best way of policing. Yes, it will surely give other nations the clue to develop their own regulatory principles.

[market-beta]

because in my opinion and the information I got was good from bitcoiners and reading. no one can predict the movement of cryptocurrency charts bro. they may predict typi the results are so many different from reality

[Fredsaw]

One of the most admiring tech developed country is Japan and they are many steps ahead of maximum countries in every way. Their using of bitcoin and now making it legal is a milestone for them and it might be spread all over the world in no time.

[Melinasdre]

This is a great news. I think it will be successful. Others will follow this soon.Now all we can do is just hope for the best in future.

[Fredsaw]

Such an attempt or initiative raises the question wether the crypto will remain decentralised that way or not. From the look of it, the initiative will try to centralise the crypto which in turn will hardly be accepted by the normal populace. Wether this project fails or gains success is yet to be seen.

[talkbitcoin]

Japan has always been a technologically advanced country and they are now very interested in the newest technology which is bitcoin and they want to be the pioneers in this field. hopefully we don't see any more embarrassments like Mt Gox out of them and see Japan turn into a good model to follow for the rest of the world.

[aoluain]

Though cryptos are a decentralized environment, there is a need for rules and regulations. Most people don't understand how this environment works so crafting a regulation is difficult. The Japanese have done the right thing by asking the industry operators to craft their own laws. It is the best way of policing. Yes, it will surely give other nations the clue to develop their own regulatory principles.

We have to realise that this is only for the exchanges and not aimed at crypto
projects themselves. Its a good move which will help to create consumer
confidence and hopefully invites more people into the space.

Whether this will encourage other countries to follow is another thing,
IMO countries have been slow to follow Japans positive approach to crypto so
maybe this move will help speed up the process.

[Connor Guzman]

Its good to see Japan making regualtions to protect consumers and prevent money laundering. I am worried about the abuse of power from the authority's end. To what extent it can damage the decentralized nature.

[qiwoman2]

This is really huge and JAPAN is leading the way in both Fintech and Blockchain to emerge as a powerhouse in the niche of investments and trading. I think as more and more countries like JAPAN come into the fold, we will see more and more sold frameworks being built to grow the market cap as well as building security and protection in cyber-related activities pertaining to both crypto and other online stuff for the Masses and for Institutions to get their feet wet. I think also JAPANESE by nature are quite disciplined so it will be easy to oversee any illegal activities and crush them from the start before they grow too big.

[meanwords]

It's just cool and good to see how Japan regulates and implement cryptocurrency in their country as part of their life. They are one of the most advance country in the world and that they are smart enough to do this kind of things to prevent bad things to happen and at the same time profit from it.

[Renal]

if the Japanese state that manages it then it is clear that going forward like crypto which is currently so advanced and popular, moreover crypto there has become a part of their lives so this will be made successful for the future.

[vicvicto17]

Isnt positive for centralized coin? But I guess there's a manipulation involve on this it makes me wonder how much tax do they pay on their economy. The debt is rising in every country coz it's all started in the U.S debt crisis even Japan is one of the major stock holder in the world bank I guess crypto's in Japan will be fully regulated in banks when they withdraw an amount.

[bartolo]

[/i]" Opinions on this? Will it be successful or fail miserably, or something in between? Will others follow soon?

I don't think so, what the Japanese government is doing is to recognize that they don't fully understand this ecosystem, so they delegate responsibility to an organization composed of people from within the ecosystem. That is coherent, but that is not how governments work so don't expect to see something like that anywhere else.

[airdnasxela]

Japan is very amazing country? Th3y are very fast that they are always ahead she their actions are very futuristic and hall have reason. I hope this kind of newsnwill be growing so that cryptocurrency will grow not just in Japan but to the entire digital world. I will not be wrong about them because Japanese are the one who always wows rh3 wo4lr when it comes to their creativity. I hope they can upgrade bitcoin that will make it inevitable to change the local money to digital money.

[budi691]

because in my opinion and the information I got was good from bitcoiners and reading. no one can predict the movement of cryptocurrency charts bro. they may predict typi the results are so many different from reality

this is not a problem of prediction, but I agree more if the influence of the market is the main thing. although the issues of 'whale' contributed to the rise and fall of bitcoin. I am still convinced, rising the value is part of a fair game.

[peter0425]

I'm not surprised by the news because I saw one article about Japan saying that they will totally allowed crypto industry to police themselves so now its come into fruition. Eventhough that there are recent hacks, those exchanges took every step to pay their customers so its really a good move from the government to let those exchanges take the initiative and let crypto world flourish. And they just set the bar high again and we hope that other countries will follow on their footsteps.

[hitrawal91]

The cryptocurrency scene is evolving too quickly for policymakers to keep up - well that’s the rationale behind a move by Japan to officially let thee industry create and enforce its own rules. If the approach works, it is likely that other not-do-forward-in-the-crypto-world nations will also test it. Apparently "Japan’s Financial Services Agency has granted the Japan Virtual Currency Exchange Association, a self-regulatory organization made up of representatives from cryptocurrency exchanges, authority to create rules aimed at protecting consumers, preventing money laundering, and standardizing how exchanges should operate. The agency also gets the power to sanction exchanges for breaking those rules, reports Reuters." Opinions on this? Will it be successful or fail miserably, or something in between? Will others follow soon?

I found information regarding this in a Technology Review article : https://www.technologyreview.com/the-download/612347/japan-just-gave-its-cryptocurrency-industry-legal-power-to-police-itself/

It's a great news and surely will improve the fradlents and hacking of wallets in the industry.I think every nation were crypto is a legal tender must do this people who will regulate this market would know market well an that can be more helpful.

[cryptohunter]

sensible move, 

[hatshepsut93]

It's an interesting decision, but time will tell if it's good or not. Imagine if the western countries followed this approach and made Coinbase together with some few other big exchanges into a crypto regulator? They'd probably abuse this power to reduce competition and take control over various networks, like they've already tried with Bitcoin.

[Ridersss]

The cryptocurrency scene is evolving too quickly for policymakers to keep up - well that’s the rationale behind a move by Japan to officially let thee industry create and enforce its own rules. If the approach works, it is likely that other not-do-forward-in-the-crypto-world nations will also test it. Apparently "Japan’s Financial Services Agency has granted the Japan Virtual Currency Exchange Association, a self-regulatory organization made up of representatives from cryptocurrency exchanges, authority to create rules aimed at protecting consumers, preventing money laundering, and standardizing how exchanges should operate. The agency also gets the power to sanction exchanges for breaking those rules, reports Reuters." Opinions on this? Will it be successful or fail miserably, or something in between? Will others follow soon?

I found information regarding this in a Technology Review article : https://www.technologyreview.com/the-download/612347/japan-just-gave-its-cryptocurrency-industry-legal-power-to-police-itself/

I strongly agree that the Japanese government coordinates crytocurrency. By legalizing cryptocurrency, Japan can prevent bad things related to corruption, collusion, nepotism that transact through cryptocurrency. But Japan can also capture positive things related to legal cryptocurrency, namely improving the welfare of the general public. Because for those who invest in cryptocurrency, they are given full protection and security.

[ronnis.gomes]

Most of the Asia countries, excluding China, are crypto friendly and Japan is one of the best places to use crypto and its regulation will become this market better and safer for everyone

[livingfree]

What can we expect from Japan? it has been a supporter of crypto so it will create things easier for the people and for the exchanges who are operating within their jurisdiction. This great move would certainly influence their local markets and can be followed by other countries who can see job can be done easily if they'll apply same thing.
Japan never stop on surprising us with good things just to support the crypto market.

[Dohabaen01]

This is an awesome news for cryptoworld and mostly fo Japanese people. Japan being a pioneer in technology, this speculated ban on crypto didn't make sense at all. Specially when there are other nations look upto them.

[joshy23]

The action's that Japan just did are an opener for most nations who will also allow crypto to co exist with their current currency, giving the body to implement its own rules to still for the benefits of their country, if this will be implemented properly from each country that will follow the adoptions
it will be a big help for the government to understand how crypto will help the system for payment transactions and at the other side government
will still have agency to deal with just in case issue and concerned will rise after.

[ranman09]

I think it will be successful for managing exchanges but for clarity who will manage/audit if their government is too scared to police it?  I think they will need more details about this.

[gabmen]

I have divided feelings on this matter.
On one hand , yes it is correct action since classical agencies often do not know what to do with crypto.
On other hand, lets hope that they will be efficient and honest association.

Well knowing the japanese, i think you won't have much problems with your second concern since it's in their culture to put high importance in integrity. Once again japan is spearheading something that would probably be adopted in the near future.

[ninis45]

I have divided feelings on this matter.
On one hand , yes it is correct action since classical agencies often do not know what to do with crypto.
On other hand, lets hope that they will be efficient and honest association.

Well knowing the japanese, i think you won't have much problems with your second concern since it's in their culture to put high importance in integrity. Once again japan is spearheading something that would probably be adopted in the near future.

and security systems such as those implemented by Japan on crytocurrency projects are good for the future of crypto because it will be difficult for them to make a scam project or not real

[bloodyvio]

Most of the Asia countries, excluding China, are crypto friendly and Japan is one of the best places to use crypto and its regulation will become this market better and safer for everyone

Japan and Korea are the best cryptocurrency places to grow
and then Singapore and Indonesia
sooner or later this trend will spread to various countries
until all countries legalize cryptocurrency
slow but sure

[MarkClark]

These changes are the efforts of the Japanese government to help boost the bitcoin growth. This may change the perception of the governments of other countries, so that bitcoin can be completely accepted extensively throughout the world

[jseverson]

It's a great news and surely will improve the fradlents and hacking of wallets in the industry.

They may be able to weed out exchanges looking to scam, but the power to enforce that may also be abused to kill competitors.

I honestly don't think regulations can completely prevent hackings. Security can probably be improved by enforcing strict protocols that make it hard to pull off inside jobs, but there's really not much that can be done against external threats. We don't even know how hackings take place because they rarely publicize the information.

Either way, this is a victory for the Japanese crypto community. If nothing else, this implies that state regulators will be easing their foot off the gas a little.

[SimonJones]

The cryptocurrency scene is evolving too quickly for policymakers to keep up - well that’s the rationale behind a move by Japan to officially let thee industry create and enforce its own rules. If the approach works, it is likely that other not-do-forward-in-the-crypto-world nations will also test it. Apparently "Japan’s Financial Services Agency has granted the Japan Virtual Currency Exchange Association, a self-regulatory organization made up of representatives from cryptocurrency exchanges, authority to create rules aimed at protecting consumers, preventing money laundering, and standardizing how exchanges should operate. The agency also gets the power to sanction exchanges for breaking those rules, reports Reuters." Opinions on this? Will it be successful or fail miserably, or something in between? Will others follow soon?

I found information regarding this in a Technology Review article : https://www.technologyreview.com/the-download/612347/japan-just-gave-its-cryptocurrency-industry-legal-power-to-police-itself/

Well done! That's a great work done by Japan. It will be successful and very soon Japan will set an example for others to take up some major and perfect step like this.

[teejayrichard2]

this is a good move by Japan and like you rightly said, if it is successful other countries will do the same. I believe we will continue to see countries adopt and use cryptocurrencies and make it convenient for their citizens to use as well.

[chidrawarster]

Yes, its a better way to keep the norms making in the hands of crypto space users.But i feel many countries should move in this direction and ensure regulations and rules are in place for usage of crypto across the globe.This is also mandatory for other countries to become a part of this cause and move ahead in the same direction to get some new vision for their economies.

[walemil]

I love the news coming from both Japan and Germany recently. I am sure that this unique power given to the cryptocurrency industry by Japan will enhance performance and I am sure some countries will also copy this idea.

[sublime5447]

Even though the government refused but it’s strange if they did not learn what they rejected, this means they fooled the people who supporting it. They should understand this and because of that they deliberately reject the crypto, in other words they reject with clear intentions, also not necessarily for the public interest.

[kelaxo76r]

I think American cryptocurrency exchanges should seriously consider self-regulating as well.  It’s a very fast-moving industry. It’s better for experts to make rules in a timely manner than bureaucrats do for sure.

[mahibul49]

i think its a good move from japan govt.these changes will boost bitcoin and i can see japan is really a crypto user frndly country who supporting crypto and its technology.at last i will congrats to japans crypto community its your victory.

[sidebyside]

I agree with you on this, I believe that investors in Japan will accept it. This is necessary when the use of bitcoin for money laundering is increasing in Japan. The presence of this organization also protects the interests of bitcoin users. Hopefully this organization will soon be established.

[goldSkylark]

With rules such as these being implemented we could hope to see a lot of growth for cryptocurrency. Japan would set a standard or ideals for the parameters around everything cryptocurrency and rules regulating it which if successful, a lot of other countries would try to adopt it with their way of thinking included and thus could possibly be potentially growth for the future of global awareness.

I completely agree. If Japan can regulate crypto successfully, then so can other countries. Having Japan lead the way towards our digital future, can be beneficial. Someone has to start, right?

[Rolley Dragon]

In my opinion Japan is the most open country with bitcoin among the countries I know, I mean it would be great to come to Japan to invest there.

[aryatrals]

With rules such as these being implemented we could hope to see a lot of growth for cryptocurrency. Japan would set a standard or ideals for the parameters around everything cryptocurrency and rules regulating it which if successful, a lot of other countries would try to adopt it with their way of thinking included and thus could possibly be potentially growth for the future of global awareness.

of course Japan is an example for other countries because if we look at the economy and technological advancements in Japan that are already very advanced, we can be sure that the Japanese have realized the importance of digital currencies that are global in nature, so that it can be a standardization of bitcoin currencies.

[shendy]

Japan is able to overcome and provide good policies about crypto and this is an example of the policy for other countries. Japan is indeed a country that is capable of carrying out this system and this can provide comfort to its users.

[libert19]

Other countries should learn from Japan, whether it be in crypto related matters or otherwise. This country is ahead of the world.

[Juggy777]

i think its a good move from japan govt.these changes will boost bitcoin and i can see japan is really a crypto user frndly country who supporting crypto and its technology.at last i will congrats to japans crypto community its your victory.

While it's good to see Japan has decided to give the power to the people who actually know the industry, it's too early to say will the regulations help the adoption of bitcoins in the country. It's pertinent to note that these regulations will definitely make the exchanges safe, but I'm not sure how they'll prevent fraudulent transactions which is a menace, and if they're able to successfully implement it I'm sure other countries shall follow suit.

[hodlbitcoin2020]

Japan is going in the right direction in terms of steps need to take for the protection of their crypto investors

[junglist.massive]

To be honest, in my opinion there is still a lot of potential to dig by Bitcoin, especially for the company benefit which usually includes a lot of fields and various complex. In blockchain, there are a lot of things that can be used for the benefit of the company, for example, inventory. Good luck by the way.