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/

[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,