Japan to Provide G20 With Solution for Crypto Regulation

[alyssa85]

https://news.bitcoin.com/japan-g20-cryptocurrency-regulation/

Japan is preparing to share its experience regarding cryptocurrency regulation with finance ministers and central bank governors from other G20 countries at the upcoming summit which it will host in June. According to local media, Japanese regulators have a solution for crypto regulation to offer the G20 countries.

According to local news outlet Sankeibiz, Japanese regulators have created a handbook “that each [G20] country can use for regulations, such as measures to prevent the outflow of virtual currency.”

“International rules are being developed to prevent money laundering and terrorist financing, with virtual currency restrictions in place,” the news outlet described Monday. “On the other hand, there are no rules in terms of the protection of customer assets and the soundness of the market, so it is the first time that certain ideas are shared internationally,”

It remains to be seen whether the other G20 countries are interested though.

[aad140386]

In fact, the governments of many countries are reconsidering their attitude to cryptocurrencies and even the Russian national bank, which previously stated that cryptocurrency are monetary surrogates and now prohibit cryptocurrency activities to be more loyal to cryptocurrencies and see them as a prospect and opportunity to protect themselves from US sanction. In addition, the Russian central bank is considering the possibility of creating a steablcoin provided by the state. Similar positive developments are occurring in many countries.

[YuginKadoya]

I really think that Japan really wants Cryptocurrency and especially Bitcoin to spread from different countries to country and they are doing a lot of work to make it happen, I really think after regulating cryptocurrency in their country they are starting to see the potential of it and realize that they need help from different countries to make it happen, And they have a financial service agency to prevent suspicious transaction and report them to the authorities, I really think that this is helpful for different countries to simply make Japan as a model country if they are having trouble adopting cryptocurrencies.  

[creeps]

Most of the G20 country will do adopt for sure, and its Good that Japan started this one. They really support cryptocurrency and I can’t wait to visit Japan soon and try some coffee shop their and use my bitcoin there. I hope this guidlines can help G20 countries and other nation to understand cryptocurrency, its about time for this.

[alisafidel58]

At least Japan is somehow taking a stand over cryptocurrency. This is quite a bold move for Japan to have a discussion about cryptocurrency in the G20 summit. I just hope that there will be some good outcome upon this G20 summit meeting that they have and manage to put some discussion over cryptocurrency when there are a lot more important things to discuss in that summit.

[mk4]

Yeah but how can they stop blockchain?

Them being impossible to stop blockchain isn't the point. For bitcoin and cryptocurrencies to evolve and prosper faster, clear regulations regarding cryptocurrencies are needed. Also, I'd definitely prefer using BTC in a country that it's confirmed to be legal.

[The Cryptovator]

It's been long time that hearing about regulation of cryptocurrency. But still now we haven't gotten any results. But if a powerful country like Japan take step regarding it then we can expect something. But regulation crypto-currency isn't easy task really although I don't have much knowledge about it. But since any transaction isn't traceable then how it would be regulated? I think only fund raising could be regulated if they want. Wondering how they could regulate bitcoin since it has no any record about sender and receiver.

[vit05]

I believe that disassociating the bitcoin with terrorism and money laundering is the best thing that can be done. Governments will try to hamper transactions using Bitcoin if it is widely used for these two options.

I want to use cryptocurrencies in my day to day. And I have no intention of laundering money or financing terrorism with the cryptocurrencies I own. Cryptocurrencies are superior to fiat and current credit card companies. Society needs to recognize this before politicians try to associate this technology with illegal activities.

[avikz]

https://news.bitcoin.com/japan-g20-cryptocurrency-regulation/

Japan is preparing to share its experience regarding cryptocurrency regulation with finance ministers and central bank governors from other G20 countries at the upcoming summit which it will host in June. According to local media, Japanese regulators have a solution for crypto regulation to offer the G20 countries.

According to local news outlet Sankeibiz, Japanese regulators have created a handbook “that each [G20] country can use for regulations, such as measures to prevent the outflow of virtual currency.”

“International rules are being developed to prevent money laundering and terrorist financing, with virtual currency restrictions in place,” the news outlet described Monday. “On the other hand, there are no rules in terms of the protection of customer assets and the soundness of the market, so it is the first time that certain ideas are shared internationally,”

It remains to be seen whether the other G20 countries are interested though.

I really appreciate what Japan is trying to do. They are the pioneer to legalize cryptos and they have also understood that a big knowledge gap is preventing other countries to adopt cryptos. It's commendable that at least they are trying to beidge the gap.

Even though the orthodox countries will not going to change their stance, but at least they will get the idea of how things can be regularize instead of an blanket ban!

[Beerwizzard]

Wars? North Korea nuclear programme? Or maybe international relationships? What will leaders of the most powerful countries discuss? Do you really believe that the world's elite will gather in China, sit around the table and would start discussing cryptocurrencies? IMHO it sounds like bullshit.

[kryptqnick]

In my opinion, Japan has one of the best regulations for cryptocurrencies. Unlike other countries we call 'crypto-friendly', Japan actually recognizes Bitcoin as a legal tender. This country also plans to conduct an experiment with implementation of cryptocurrencies soon. I think it's not only good that someone brought up the topic in G20, but that it was Japan with its pretty attractive approach.

[Yakamoto]

https://news.bitcoin.com/japan-g20-cryptocurrency-regulation/

Japan is preparing to share its experience regarding cryptocurrency regulation with finance ministers and central bank governors from other G20 countries at the upcoming summit which it will host in June. According to local media, Japanese regulators have a solution for crypto regulation to offer the G20 countries.

According to local news outlet Sankeibiz, Japanese regulators have created a handbook “that each [G20] country can use for regulations, such as measures to prevent the outflow of virtual currency.”

“International rules are being developed to prevent money laundering and terrorist financing, with virtual currency restrictions in place,” the news outlet described Monday. “On the other hand, there are no rules in terms of the protection of customer assets and the soundness of the market, so it is the first time that certain ideas are shared internationally,”

It remains to be seen whether the other G20 countries are interested though.

Sounds like Japan's trying to break Bitcoin. This is why I can't trust a government to regulate anything that goes beyond their sphere of influence; they totally muck it up.

There isn't any way to "prevent" the outflow of Bitcoin without some kind of massive intervention, and a hard fork, which would somehow limit transactions to their geographical coordinates. There isn't any way to implement something like that in a way that the community will accept. Trying to add consumer protection can easily be done through expanded escrow services, it's not like a government has to step in and operate Bitcoin wallets like they're bank accounts.

[Baofeng]

Those solutions are not new, in my opinion, and it only boils down that government should be really involved and put everything under their control, for which is goes against the premise of decentralisation. Anyways let's see if this framework could led into something. The downside of this is that the G20 is thinking to put up a 'universal regulatory body', at least that's what I interpret during their last meeting last year.

[monalia]

https://news.bitcoin.com/japan-g20-cryptocurrency-regulation/

Japan is preparing to share its experience regarding cryptocurrency regulation with finance ministers and central bank governors from other G20 countries at the upcoming summit which it will host in June. According to local media, Japanese regulators have a solution for crypto regulation to offer the G20 countries.

According to local news outlet Sankeibiz, Japanese regulators have created a handbook “that each [G20] country can use for regulations, such as measures to prevent the outflow of virtual currency.”

“International rules are being developed to prevent money laundering and terrorist financing, with virtual currency restrictions in place,” the news outlet described Monday. “On the other hand, there are no rules in terms of the protection of customer assets and the soundness of the market, so it is the first time that certain ideas are shared internationally,”

It remains to be seen whether the other G20 countries are interested though.

Naah ignore these G20 countries whoever declines to accept the bitcoin or legalization over it. Few years before itself this Japanese take bitcoin into action and they are accepting it in their country.
If you are not ahead of this bitcoin acceptance country you will be out this technology race for sure.

[kingpin4321]

I don't think g20 would adopt this because it comprises of nations and some off those nation might have there own different opinion when it comes to cryptocurrency so I don't think this would materialize

[n0ne]

As Japan has already a big supporter to the cryptocurrency usage it will take further steps to make every country get into bitcoin usage. As the regulation of bitcoin into countries were a big concern for lot of users G20 summit is being focused on the issue. From my view we'll get some positive support and surely this will cause a big change in the prevailing market of bitcoin and other cryptocurrencies.

[Haunebu]

Wars? North Korea nuclear programme? Or maybe international relationships? What will leaders of the most powerful countries discuss? Do you really believe that the world's elite will gather in China, sit around the table and would start discussing cryptocurrencies? IMHO it sounds like bullshit.

Discussion related to a billion dollar market sounds crazy? You have got to be kidding with me. I know that there are far more important issues which you mentioned, but majority of the entire world recognized Bitcoin(Positive or negative) after the 2017 rally.

This is why this isn't a trivial issue at all, but I don't think one country can change the opinions of others unless there is some kind of huge incentive for them.

[okala]

I believe finance minister and central bank of members of the G20 who will be present in the meeting in June will really be interested in Japan regulatory experience and will want to tap into the same space with Japan, if regulations will prevent users against hack and fraud as stated then it will be a welcome idea.

[alyssa85]

Sounds like Japan's trying to break Bitcoin. This is why I can't trust a government to regulate anything that goes beyond their sphere of influence; they totally muck it up.

There isn't any way to "prevent" the outflow of Bitcoin without some kind of massive intervention, and a hard fork, which would somehow limit transactions to their geographical coordinates. There isn't any way to implement something like that in a way that the community will accept. Trying to add consumer protection can easily be done through expanded escrow services, it's not like a government has to step in and operate Bitcoin wallets like they're bank accounts.

They're not trying to break bitcoin. Just share what they've learned from the Mt Gox fiasco, plus their experience with several other exchanges that got hacked.

Crypto will only get adopted if users feel safe and feel their coins are safe. Regulators can go a big distance in making it safe if they keep a close eye on the exchanges.

[squatter]

https://news.bitcoin.com/japan-g20-cryptocurrency-regulation/

It remains to be seen whether the other G20 countries are interested though.

I really hope other countries don't take the route of Japan, who can only be described as over-regulating. Japan is using its licensing scheme to force exchanges to de-list any cryptocurrencies it deems to be a threat. Several exchanges have de-listed privacy coins as a result:

The FSA has also informed other exchanges applying to be registered, that dealing with these three highly anonymous cryptocurrencies [Monero, Zcash, and Dash] would be detrimental to gaining approval.

I'd much prefer to see a more hands-off approach to regulation.