Japan just gave its cryptocurrency industry legal power to police itself

[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.

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[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.