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Government-approved cryptocurrency trading platforms in Japan are undergoing changes with big players entering the market. News.Bitcoin.com talked to Japan’s top financial regulator to learn about the regulatory implications of the changing business models and internal systems of regulated exchanges.
Also read: Indian Supreme Court Postpones Crypto Case at Government’s Request
Crypto exchanges in Japan are rapidly transforming with the launch of new exchanges as large corporations entered the market. Japan’s top financial regulator, the Financial Services Agency (FSA), explained to news.Bitcoin.com Monday that when a crypto exchange is acquired by another company:
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.
Also read: Indian Supreme Court Postpones Crypto Case at Government’s Request
Japan is often known as one of the most crypto-advanced countries, having legalized cryptocurrency as a means of payment in April 2017. 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.”
Japan’s top financial regulator has shared with news.Bitcoin.com some stats pertaining to cryptocurrency exchange registrations. Out of 23 new applications the regulator has received, two have been approved so far. In addition, there are over 140 more companies interested in entering the market.
Also read: Indian Supreme Court Set to Hear Crypto Case on March 29
The Japanese Financial Services Agency (FSA) approved the applications for two new cryptocurrency exchanges this week — one from Rakuten Wallet Co. Ltd. and the other from Decurret Co. Ltd.
Japanese regulators have reportedly approved draft amendments to the country's financial instruments and payment services laws, introducing stricter regulations for margin trading of digital assets.
A report by local news publication Nikkei Asia Review noted that the amendments will place a cap on available leverage for crypto margin trading, pegging it at two to four times the initial deposit.
The report, published yesterday, also claimed that all cryptocurrency exchanges that offer margin trading will have to register with Japan’s Financial Services Agency (FSA) within 18 months of the new rules being implemented in April 2020.
Huobi is back in Japan, this time as a fully regulated exchange under Japan's Financial Services Agency (FSA).
Following its merger with BitTrade, Huobi Japan Holding Ltd. is now among the first batch of 17 to receive registration under the FSA and is able to relaunch Huobi Japan.
Leon Li, Huobi Group founder and CEO, called the launch an “important milestone” in a statement, adding that the Japanese market remains important to the group and that working with its “regulators is a longstanding priority for Huobi Group.”
According to a spokesperson from the Financial Services Agency (FSA), Japan is not considering the approval of a Bitcoin exchange-traded fund (ETF). Speaking to Bitcoin.com, an FSA representative said: There is no such fact that we are considering approving ETFs which track crypto-assets at present. We are not currently considering approving them. Japan Doesn’t See
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In an exclusive interview with news.Bitcoin.com, Japan’s top financial regulator revealed its expectations for the self-regulation of cryptocurrency exchanges in Japan. The agency has approved a self-regulatory organization, which it is working closely with to ensure compliance. All 16 regulated crypto exchanges in Japan are members of this self-regulatory organization.
Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations
Japan’s Financial Services Agency (JFSA), the country’s top financial regulator, has granted the Japan Virtual Currency Exchange Association (Jvcea) self-regulatory organization (SRO) status under the Payment Services Act.
Japan’s Financial Services Agency has published its draft report outlining new cryptocurrency regulations. The report contains measures in areas that are not currently addressed in existing laws such as hacking incidents, self-regulation, deemed dealers, privacy coins, and margin trading.
Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations
Japan’s top financial regulator, the Financial Services Agency (FSA), published a draft report outlining the country’s new regulatory framework for cryptocurrencies and initial coin offerings (ICOs) on Friday. The report, which was discussed at the agency’s 11th study group meeting, contains recommendations from the previous 10 study group meetings. According to local media, there was no major objection to the proposed measures in the report so the FSA is expected to draft regulations based on its content.
The Japanese government is seeking to impose measures aimed at preventing cryptocurrency traders and investors from evading taxes on the income generated from trading these assets. According to The Mainichi, the measures would see the country’s tax body, the National Tax Agency (NTA), empowered to demand that cryptocurrency exchanges provide information concerning clients who are … Continued
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On November 26, the Financial Services Agency (FSA) of Japan held an internal meeting to discuss the possibility of allowing private crypto initial coin offering (ICO) projects. Nikkei exclusively reported that local financial authorities are actively exploring the legalization of ICOs for institutional investors and accredited investors, as long as they are lawfully conducted within
The post Could South Korea Follow Japan in Allowing Private Crypto ICOs? appeared first on CCN
Japan’s Financial Services Agency has held several meetings to discuss how to best regulate initial coin offerings. In addition to registration requirements, the regulator reportedly plans to amend two existing laws that can be applied to token sales.
Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations
The Financial Services Agency (FSA), Japan’s top financial regulator, “is set to launch regulations on initial coin offerings [ICOs],” Jiji Press wrote on Saturday. Sources told the news outlet:
The FSA will require business operators that issue their own
cryptocurrencies to be registered with the agency.
The Philippine government-owned Cagayan Economic Zone Authority has unveiled a plan to attract Japanese, Korean and Australian companies to its “Crypto Valley of Asia.” The authority is also cracking down on crypto companies operating within its economic zone without a license.
Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations
The Cagayan Economic Zone Authority (Ceza) announced last week its plan to attract companies from Japan, Korea, and Australia to its Crypto Valley of Asia.
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One of the major targets for TRON is Asia. We get the feeling that for Justin Sun, the founder of TRON, TRX adoption across a number of Asian countries is sort of the dream and indeed, TRON does offer these countries a lot through the TRX currency and the TRON blockchain. In essence, TRX is very adoptable in Asia, as it is across the rest of the world.
The financial regulators in Japan, Financial Services Agency has given its approval for the countries digital currency industry to regulate itself. The official announcement was made on the Japan Virtual Currency Exchange Dealers Association website on Wednesday. The FSA approval gives the association rights to set rules to safeguard investor assets, prevent money laundering and give operational regulations.
The announcement said it had received a certification as an accredited fund’s settlements corporation from the FSA. he explained that its self-regulatory powers will come into effect from Wednesday this week.
In the announcement it said:
Masayoshi Amamiya, Bank of Japan’s Deputy Governor, stated on Saturday that it was unclear whether digital currencies could enhance the monetary policies of central banks. He elaborated that the Bank of Japan had no plans whatsoever to issue a cryptocurrency. Ongoing Debate Mr. Amamiya said that there was “quite a hurdle” for cryptocurrencies to overcome
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MoneyTap, the Ripple-powered payments app has officially gone live according to a tweet by the official account on October 3rd. The consumer-focused service was co-developed by the Japanese financial service SBI Holdings and Ripple.
On the MoneyTap website, the app will begin to use Ripple’s blockchain solution – xCurrent – to enable a domestic bank to bank transfers in real time. Account holders at SBI Sumishin Net Bank, Resona Bank and Suruga Bank will be able to send funds using the mobile app.
Continue reading SBI & Ripple Launch Blockchain Payment App In Japan at Crypto Daily™.
The Japan Virtual Currency Exchange Association says it will tighten investor protection stipulations after a wave of hacks on digital currency exchanges.
Citing informed sources, the Japan Times reported the Japan Virtual Currency Exchange Association (JVCEA) has agreed to revise certain self-imposed rules to keep investors safe in the wake of hacks.
The JVCEA is set to place a cap on the number of cryptocurrencies managed, which will reportedly equal between 10-20% of customer deposits.
The decision largely comes after hackers managed to walk off with about $ 60 million dollar’s worth of digital currency from the Zaif exchange earlier in September.
SBI Remit and BitPesa are collaborating to enable easy money transfer services between Japan and several African countries. The partnership sees the Bitcoin blockchain’s utilization as an enterprise remittance vehicle.
According to Forbes, the agreement sees SBI Remit being able to offer its over 450,000 customers with the ability to send money to Africa using the Bitcoin blockchain. Thus, SBI Remit will use BitPesa’s enterprise payment framework to offer liquidity to small businesses in Africa.
Google, the $ 828 billion search engine behemoth, has unbanned crypto-related ads, allowing regulated companies to utilize its platform to advertise their products. In March, Google executive Scott Spencer stated that cryptocurrency investments have potential to cause harm in financial markets, leading the search giant to ban crypto ads. He stated: “We don’t have a crystal
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