Japan will Establish Cryptocurrency Supervisory Agency

Hi stemian friend

Japan was the first country to legalize transactions using Bitcoin Cs and regarded it as a valid payment method. Currently, Bitcoin Cs transactions against the Japanese yen account for 40% of global transactions.

Nomura Economics Research Institute executive Takahide Kiuchi said that the crackdown on Bitcoin Cs has caused many investors to transfer funds to Japan because the rules on cryptocurrency in Country Country Day Mata are relatively slack.

Meanwhile, Japanese authorities are in a dilemma between protecting consumers or maintaining their reputation as a state of innovation. The reason, some parties ask the government to make rules for Bitcoin Cs so that risks do not increase.

To overcome the dilemma, the Japanese authorities are now preparing a new agency serving as the supervisor of cryptocurrency. The move was taken in response to the incident that hit Japanese cryptocurrency investors in January.

At that time, the Japanese cryptocurrency market was hacked by "hackers" which caused a loss of 530 million US dollars.

Based on information from the Nikkei Asian Review, the establishment of a cryptocurrency regulatory body is scheduled to be inaugurated in April 2018.

The president of foreign exchange trading platform platform Money Partners Group and JCBA chairman, Taizen Okuyama, will be the leader of the cryptocurrency control body. While CEO of bitFlyer and JBA chairman, Yuzo Kano was appointed deputy chairman of the cryptocurrency supervisory body.

The plan, the agency will cooperate with Japan's financial services regulator, the Japan Financial Service Agency, in order to obtain investor safety standards. In addition, it will also be responsible for establishing guidelines on Initial Coin Offering (ICO) as well as fundraising methods.

If this regulatory body is approved by the Japanese government as an independent institution, then the agency may create a list of cryptocurrencies that can be operated by exchange operators. Given as many as 1,500 cryptocurrencies alleged to be used in the practice of fraud and money laundering.