Crypto Japan: Talk of New Crypto Regulation During Volatile Times

[minenovo]

Japan is looking into introducing more stringent cryptocurrency regulation. The local financial regulator, the Financial Services Agency (FSA) and the Ministry of Finance are working on establishing a totally new regulatory framework.

So far the Ministry of Finance is hiring more operatives while the regulator FSA is focusing on the future of cryptocurrency regulations. The FSA also founded a new division as part of the agency that will be focusing on various cryptocurrency-related affairs, though for the moment there are no available details.

According to recent reports, however, Japanese officials are worried about how privately held funds are influencing financial systems and regulators want to know what the consequences of using stablecoins are.
Source

Japan has long been welcoming to cryptos so they likely won’t ban the industry but the regulators will probably want to have a closer oversight on it.

 

[Sotherefore]

I don't really understand but if what they are trying to do is for the benefit of the people I will advised them to go ahead and do it .but generally I don't see the reason why some government of the world should abandon cryptocurrency because I consider cryptocurrency as one of the most digital innovation that can actually make a lot of people rich.

 

[minenovo]

Japan just wants to regulate the industry, not abandon or ban it. I think this is a good thing, both for the industry and the people.