Crypto Regulation In Japan: The Measures G20 Wants To Impose

in tRegulation is always a hot topic in our latest cryptocurrency news. In the latest updates, we are focusing on the crypto regulation in Japan which is a viral topic because of the serious attitude taken by the country.

If recent reports are to be believed, the G20 has established a solid agenda. The international organization’s busy calendar of activities will first kick off with a general summit on June 1 in Osaka, Japan. As it looks, Tokyo is determined to convince the international counterparts to commit to cryptocurrency regulations right from the outset. In this manner, the crypto regulation in Japan may impose a couple of regulations.

First of the list would be the issue of how new exchanges obtain operating licenses from the regulatory Financial Services Agency (FSA) post the Coincheck hack. According to a popular blockchain/crypto consultant named Akio Kikuchi:

“The government appears to have decided that it does not want a China-style shutdown of the industry, or a partial shutdown, like the one the South Korean government has imposed. But what is really wants to do is ensure all exchanges toe the line. And it really wants to end all forms of unregulated trading.”

The FSA has indeed done this. They imposed a strict set of rules for existing exchanges to abide by (as part of the new crypto regulation efforts) and the application process has become a lot more stringent too.

However, this is only the tip of the iceberg called crypto regulation in Japan. It is very likely that world leaders will want to spend their time on matters that they feel are more pressing – such as resolving the United States-China trade rift.

As many best cryptocurrency news sites report, the issue of crypto regulations is mainly forced by the former prime minister of Japan, Yoshihiko Noda, who wants the topic of crypto regulation in Japan to be brought into the June 1 summit.

“Reaching an international agreement [on crypto regulation in Japan] on June 1 could block North Korea’s ongoing efforts to escape economic sanctions,” Noda stated.

However, the prospect of international regulations is getting bigger and featured in the altcoin news more and more often. As some enthusiasts say, people tend to view regulations as a negative thing – but may start thinking about this differently if they abide by the rules.