Japan's crypto self-regulation 'experiment' not working
Self-reg entity JVCEA has reportedly received stern warnings to get its act together, as Japan’s Financial Services Agency pushes for the organization to speed up its AML regulation rollout. Japan’s self-regulation “experiment” for the crypto industry is reportedly not working as well as intended, according to local government and industry experts. Since 2018, the Japan Virtual Currency Exchange Association (JVCEA), a self-regulation entity, has been tasked with creating guidelines for the country’s crypto industry, with arguments at the time that the entity could be better placed to cope....
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BREAKING: According to Reuters, Japan will not regulate Bitcoin in the nearest future. Japan's Liberal Democratic Party has decided to go against Bitcoin regulation in the aftermath of the Mt. Gox failure. Bitcoin has been under scrutiny by the authorities in Japan, the temporary conclusion by the Liberal Democratic Party is therefor somewhat surprising. The Liberal Democratic Party lawmaker Takuya Hirai, who leads the party's internet media division, said on Thursday: Basically, we concluded that we will, for now, avoid a move towards legal regulation. He also told that a final decision....
Japan's ruling political party has announced that it is against regulating bitcoin for the time being. The Liberal Democratic Party (LDP) made the statement as an interim measure, but the final decision will be made after hearing "more opinions" on the matter, said LDP lawmaker Takuya Hirai. "Basically, we concluded that we will, for now, avoid a move towards legal regulation," Hirai told Reuters. Mt. Gox fallout. Following the highly publicised collapse of bitcoin exchange Mt. Gox, Japanese authorities found themselves in the glare of the world's media spotlight. The exchange was....
Once known as a hub for crypto verse, specifically in the first decade of Bitcoin’s inception, Japan started to put regulations around the crypto sphere in 2018. Not eager to stifle innovation in the emerging sector, the country’s authorities placed tight trading laws on cryptos. The robbery of 850,000 Bitcoins worth $500 million on Japan’s […]
Vice finance minister Jiro Aichi of Japan has spoken up in light of the Mt. Gox drama, and he's said that bitcoin regulation should be an international effort, in order to avoid loopholes. Aichi said the ministry may respond "if necessary", but an investigation is underway regarding Gox's practices that reported saw the theft/loss of over 700,000 bitcoin, worth over $250 million USD. "It's not just the Ministry of Finance; many other agencies are related," he said at a news conference, according to Reuters. "As for its legal position, a currency [in Japan] would be coins or notes issued by....
In one of the first instances of blockchain technology developed and tested for accounting systems rather than post-trade settlement and securities processes among financial institutions, the SBI Sumishin Net Bank in Japan has conducted a successful blockchain test which saw distributed ledgers replace their actual ledgers. A three-month long experiment by Japan-based SBI Sumishin Net Bank in collaboration with Singapore Fintech startup Dragonfly Fintech and Japanese blockchain solutions provider Tech Bureau Corp – developer of Mijin, the distributed ledger tech used in the experiment —....