Japan Approves Self-Regulation for Cryptocurrency Industry

[Drysprinkles291]

Japan’s primary financial regulator has formally granted the cryptocurrency industry with a self-regulatory status by allowing an industry body to police domestic exchanges. With the acquisition of the accreditation, they'll continue to make further efforts to create an industry that people can trust from everyone who uses virtual currency with members exchanges. Do you think we'll see this happening in other countries anytime soon?

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[mcTether]

Japan’s primary financial regulator has formally granted the cryptocurrency industry with a self-regulatory status by allowing an industry body to police domestic exchanges. With the acquisition of the accreditation, they'll continue to make further efforts to create an industry that people can trust from everyone who uses virtual currency with members exchanges. Do you think we'll see this happening in other countries anytime soon?

This is very interesting. I also think it is the best thing for the cryptocurrency. I believe this decision taken in Japan will limit the government's direct influence or control in the country while still ensuring that their is a regulation. This similar arrangement should also be implemented in other jurisdictions.

[Baofeng]

I don't know if this is a new news coming from Japan because its been reported in the last couple of months already. Anyways, this is a positive news for Japan's trading exchange to police themselves, instead of having a regulatory body to overlook everything. At least this will make those local Japanese exchanges self-reliant and I think they can really do it by themselves. I'm pretty sure that government knows what they're doing, maybe this is just a test run or an experiment, but if it proves beneficial to both of them, then it could set a precedence globally.

[pixie85]

Great If it means what I think it means they are going to grant more freedom and independence to the market. The role of the government is to help people, regulate in order to make it safer and more convenient, not regulate to make it harder for businesses to operate like the government of the USA. I hope that more countries will choose this approach and follow the lead of Malta, Japan, and many other Bitcoin friendly countries, where you don't have to worry about being arrested for selling on localbitcoins.

[yugyug]

I believe that many Japanese businessmen are most policy compliant in accordance with their laws in their country. Self-regulation was a good mindset and that what makes the Japanese people being admirable for a good business deal. Although cryptocurrency trading was unregulated in some countries being a self-regulated establishment is a good indication that the business is more trustworthy and that is why a Japanese firm is a good business model.

[tomahawk9]

Japan proving once again why they'll become the real cryptocurrency mecca in the future. Good for the govt to give the crypto industry in the country have more autonomy so that it continues to grow without too much hassle.

Do you think we'll see this happening in other countries anytime soon?

It depends on whether this proves to be a succesful aproach from the govt or not (from an economic point of view, since all the govt around want is money). I can see this happening in countries actively showing their pro-crypto stance, like some countries in Europe or even South Korea.

[Kemarit]

The OP is referring to this news like 3 weeks ago, Japanese Financial Services Authority Approves Self-Regulation for Crypto. We all know that Japanese culture is very different specially in terms of discipline. So I'm not surprised that local Japanese trading platforms has given the go signal to self-police themselves. Just look at how they re-acted to two most recent hacks, Crypto Exchange Zaif Reveals Customer Compensation Plan after $60 Million Hack and Coincheck Completes $430 Million Customer Refund. So you see they really have this discipline and they honour everything because of their culture. As compare to a recent Canadian exchange hack, MapleChange Supposedly Hacked, Owner Disappears (With Multiple Traces), LOL. I'm not really sure if we can witness this kind of stance on other so called pro-crypto countries though. It will be good if they follow self-regulatory, so let's see how it pans out in the future though.

[nazaididuan1]

Japan is a magical country, and Japan’s attitude towards digital currency is very friendly!
The self-regulation of the digital currency industry in an orderly manner is now more conducive to the healthy development of the cryptocurrency industry.

[audaciousbeing]

Japan’s primary financial regulator has formally granted the cryptocurrency industry with a self-regulatory status by allowing an industry body to police domestic exchanges. With the acquisition of the accreditation, they'll continue to make further efforts to create an industry that people can trust from everyone who uses virtual currency with members exchanges. Do you think we'll see this happening in other countries anytime soon?

Japan has always been open to crypto currency which is why I am not surprised by this move which is towards encouraging the continued penetration of crypto and at the same time that people should not perceive some undue interference from the government. Seeing this from other countries, I will not be too optimistic about that as most governments primary objective is control which is why most of them have remained on the fence as it relates to crypto so coming with self regulation as a way is not something I am seeing happening anytime soon.

[D3m1r4wanti]

Japan is a very advanced country and highly appreciates the advances in technology, so they easily make regulations about crypto currencies. they have never been afraid of the negative effects of the crypto currency in their country

[ibrayzorhaf]

in my opinion there will be a major country to follow in Japan's footsteps, it could be like a Korean country that would be a major influence on crypto. with the regulation in Japan, the Japanese government can condition crypto conditions in Japan.

[Ponti]

Thats a great news, finally coming from the land of the rising sun. I knew Japan would finally change the vecter towards crypto adoption.

[Flor1982]

Japan’s primary financial regulator has formally granted the cryptocurrency industry with a self-regulatory status by allowing an industry body to police domestic exchanges. With the acquisition of the accreditation, they'll continue to make further efforts to create an industry that people can trust from everyone who uses virtual currency with members exchanges. Do you think we'll see this happening in other countries anytime soon?

This shows the big support of this country to the crypto currency but i hope they really studied it well before implementing it as it sounds like too much freedom to me although Japanese are known honest and pride people but my concern is the outside world of Japan like some foreign crypto users and projects that might abuse this privilege inside Japan.

[Herucooles]

I hope that with the regulation of virtual money or cryptocurrency in Japan, there will be other countries that follow. Japan is a developed country that pays attention to the development of crypto so that its people are not harmed.

[clrpod]

Crypto is not designed to be controlled by a government but equally it must be respectful of laws and regulations so this seems to be the best middle ground. It's also good that the industry will be regulated by itself because that's where the real expertise and understanding lies. If it was put to the government they would struggle because of how new a technology and asset class crypto is.

[darewaller]

Japan’s primary financial regulator has formally granted the cryptocurrency industry with a self-regulatory status by allowing an industry body to police domestic exchanges. With the acquisition of the accreditation, they'll continue to make further efforts to create an industry that people can trust from everyone who uses virtual currency with members exchanges. Do you think we'll see this happening in other countries anytime soon?

Japan has always been a kind to crypto in general. Last year before all the hype happened in crypto there was a news about one card company that would accept you to pay them to fill the card with crypto if you want and would be accepted at over 260 thousand places all over japan.

You wouldn't be technically paying them crypto but the card will turn your crypto into fiat and the stores would be taking fiat whereas you would be spending crypto, which is the best way for adoption right now in crypto world.

In a country that accepts crypto at over 260 thousand stores I think it is not a surprise that regulations are much better than most other countries that tries to over regulate or over tax the crypto companies to squeeze as much money as they can from them making them barely survive.

[palle11]

Thats a great news, finally coming from the land of the rising sun. I knew Japan would finally change the vecter towards crypto adoption.

I'm not surprised because Japan is highly advanced in technology and that is how the economy trives. Such move can only be adequate for the kind of growth rate. Off course, digital currency regime should be pioneered by technologically advanced states.

[StarofBTC]

The OP is referring to this news like 3 weeks ago, Japanese Financial Services Authority Approves Self-Regulation for Crypto. We all know that Japanese culture is very different specially in terms of discipline. So I'm not surprised that local Japanese trading platforms has given the go signal to self-police themselves. Just look at how they re-acted to two most recent hacks, Crypto Exchange Zaif Reveals Customer Compensation Plan after $60 Million Hack and Coincheck Completes $430 Million Customer Refund. So you see they really have this discipline and they honour everything because of their culture. As compare to a recent Canadian exchange hack, MapleChange Supposedly Hacked, Owner Disappears (With Multiple Traces), LOL. I'm not really sure if we can witness this kind of stance on other so called pro-crypto countries though. It will be good if they follow self-regulatory, so let's see how it pans out in the future though.

Discipline! I like that!! Following a self-regulatory plan has always helped honestly and it has a lot of advantages than disadvantages. For what it is worth though, we have seen in so many ways how the market has really been growing in this region due to the fact that they did not just allow it, but for the fact that they are doing everything possible to make it work.

It is a good way to set the ball rolling for others to see how things should get done which I believe as time goes on; Japan will be more of a case study when it comes to the adoption of cryptocurrency and of course, this will always give Japan the edge when it comes to being early adopters.

[Cocesstraable]

Japan proving once again why they'll become the real cryptocurrency mecca in the future. Good for the govt to give the crypto industry in the country have more autonomy so that it continues to grow without too much hassle.

Do you think we'll see this happening in other countries anytime soon?

It depends on whether this proves to be a succesful aproach from the govt or not (from an economic point of view, since all the govt around want is money). I can see this happening in countries actively showing their pro-crypto stance, like some countries in Europe or even South Korea.

That is always the thing with having visionary leaders. They are always smart enough to see things people could not see and in that way, they are always able to take the bold brilliant step in setting the space. This is indeed a very brilliant idea, which I believe will really end up flying big time and even help in the development of the space within that territory.

It is always a good thing to have a body that will regulate itself and then we will be able to see it get even more interesting as people tend to follow certain rules and then no compromise in a way at all.

[DAVETUN]

Japan is a developed nation technologically, they tends to dictate the next move in technological advancement to other countries, with an approval of self regulations for cryptocurrency, it will sure increase the number of investors in the community as it is obvious that government in Japan will not ban cryptocurrency.