Japan Ramps Up Efforts for Introducing Crypto Regulations

Japan is focused on introducing crypto regulations as the Financial Services Agency (FSA) has recently established a new unit to oversee digital currency regulatory frameworks, while the Ministry of Finance is considering increasing its headcount.

Citing three anonymous officials, Reuters reported on Friday that the move on the part of the Japanese agency and the Ministry came as the country is becoming concerned over the influence of private money on the existing financial system.

“Japan can no longer leave things unattended with global developments over digital currencies moving so rapidly,” one of the officials told the publication.

Japan is also considering deepening its diplomatic dialogs with other global economic giants in regulating the booming crypto industry.

Stablecoins Are the Real Threat

Japanese regulators are particularly concerned over the impact of the so-called stablecoins, which are pegged to the fiats or other assets and issued privately. Though usage of stablecoins is now limited to trading cryptocurrencies, Facebook’s attempt to launch Diem (previously Libra) caught regulatory attention worldwide.

Suggested articles

PayRetailers Continues its Strong Growth in 2021Go to article >>

Similar to other top monetary regulators, the Bank of Japan is working on a central bank digital currency (CBDC), and the proposed regulations on the crypto industry will only complement that move.

The new unit of the FSA, which was launched on July 8, is anticipated to oversee the ‘decentralized finance’ platforms, which is the industry that is being seen as the real disruptor of the traditional finance sector.

Though the FSA confirmed the establishment of the new crypto-focused division, it did not elaborate on its scope.

Furthermore, several other countries have ramped up their efforts to regulate the cryptocurrency industry. South Africa, which has seen a couple of high-profile cryptocurrency scams recently, is considering regulating the wild industry.

Leave a Reply

Your email address will not be published. Required fields are marked *

Share:

Share on telegram
Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp

Related Posts

bitcoin
Bitcoin (BTC) $ 67,585.11
ethereum
Ethereum (ETH) $ 3,782.08
tether
Tether (USDT) $ 0.999402
bnb
BNB (BNB) $ 596.13
solana
Solana (SOL) $ 169.44
staked-ether
Lido Staked Ether (STETH) $ 3,775.67
usd-coin
USDC (USDC) $ 0.999887
xrp
XRP (XRP) $ 0.523116
dogecoin
Dogecoin (DOGE) $ 0.164501
shiba-inu
Shiba Inu (SHIB) $ 0.000028
cardano
Cardano (ADA) $ 0.453131
the-open-network
Toncoin (TON) $ 6.45
avalanche-2
Avalanche (AVAX) $ 36.55
chainlink
Chainlink (LINK) $ 18.65
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 67,545.10
polkadot
Polkadot (DOT) $ 7.19
tron
TRON (TRX) $ 0.112022
bitcoin-cash
Bitcoin Cash (BCH) $ 467.51
near
NEAR Protocol (NEAR) $ 7.65
uniswap
Uniswap (UNI) $ 10.58
matic-network
Polygon (MATIC) $ 0.718943
litecoin
Litecoin (LTC) $ 83.69
pepe
Pepe (PEPE) $ 0.000015
internet-computer
Internet Computer (ICP) $ 12.15
fetch-ai
Fetch.ai (FET) $ 2.21
leo-token
LEO Token (LEO) $ 5.96
dai
Dai (DAI) $ 1.00
wrapped-eeth
Wrapped eETH (WEETH) $ 3,930.87
ethereum-classic
Ethereum Classic (ETC) $ 30.49
render-token
Render (RNDR) $ 10.30
aptos
Aptos (APT) $ 9.12
dogwifcoin
dogwifhat (WIF) $ 3.83
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,737.57
hedera-hashgraph
Hedera (HBAR) $ 0.103562
cosmos
Cosmos Hub (ATOM) $ 8.69
arbitrum
Arbitrum (ARB) $ 1.15
immutable-x
Immutable (IMX) $ 2.23
mantle
Mantle (MNT) $ 1.00
kaspa
Kaspa (KAS) $ 0.137937
filecoin
Filecoin (FIL) $ 5.79
crypto-com-chain
Cronos (CRO) $ 0.116493
stellar
Stellar (XLM) $ 0.106860
first-digital-usd
First Digital USD (FDUSD) $ 1.00
the-graph
The Graph (GRT) $ 0.311497
ethena-usde
Ethena USDe (USDE) $ 0.999402
blockstack
Stacks (STX) $ 1.94
okb
OKB (OKB) $ 45.73
optimism
Optimism (OP) $ 2.50
bittensor
Bittensor (TAO) $ 396.78
floki
FLOKI (FLOKI) $ 0.000271