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Japanese Regulator Encourages the Development of Cryptocurrencies

Japanese Regulator Encourages the Development of Cryptocurrencies

The representative of the regulatory body of Japan, the Agency for Financial Services (FSA), said that they encourage the development of the cryptocurrency industry with due regard for proper regulation. It was also noted that the regulator doesn't intend to expose "excessive" requirements to representatives of the crypto industry.

Toshihide Endo, the head of the FSA, said that the Agency's plans don't limit the cryptocurrency sector, but to find a "balance" between ensuring the protection of users and the introduction of innovative technologies.

“We have no intention to curb [the crypto industry] excessively. We would like to see it grow under appropriate regulation.”

We would like to remind that in July FSA considered the possibility of changing the legal basis for further regulation of cryptocurrency transactions according to the Law on Financial Instruments and Exchanges FIEA. These innovations were envisaged in replacement of the current Law on Payment Services. In addition, in August FSA published the results of tests conducted by a number of crypto exchanges. This made it possible to understand what to give preference. According to the representative of the agency, it is necessary to give "priority to the protection of investors."

#Japan, #cryptoexchange