Japan Approves Self-Regulation for Cryptocurrency Industry - page 2.

eaLiTy

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Quote from: ecnalubma on March 05, 2019, 01:27:36 PM

Japan is one of the crypto powerhouse I should say, they can really give impact to this industry. Through the green light that they rate crypto, they just show to the world how serious they are in the blockchain space I wonder why some other countries hard to realise its potential.

There is no doubt that Japan is a power house when it comes to technology and its implementation but it is a bloody expensive country for start ups to pop up, majority of the countries have accepted the power of blockchain but they are confused on how to regulate the use of cryptocurrency and their fear lies in the fact that the control over their citizens on how to trade will diminish.

Quote from: SafeSpell on March 05, 2019, 04:20:11 PM

Probably not only Japan, but Japan has a really poor record for self regulation. This could be worse than no regulation at all.

I am not aware about the details on self regulation they are implementing, but what i presume is that, in order to tackle the hacks, inside trading and other things that can happen in this market, these exchanges should work together and implement a system so that the standards are kept intact.

rollingstorm45

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Quote from: yugyug on November 11, 2018, 07:57:06 PM

I believe that many Japanese businessmen are most policy compliant in accordance with their laws in their country. Self-regulation was a good mindset and that what makes the Japanese people being admirable for a good business deal. Although cryptocurrency trading was unregulated in some countries being a self-regulated establishment is a good indication that the business is more trustworthy and that is why a Japanese firm is a good business model.

the prevailing traditions in Japan are indeed very good to imitate in all countries. but the problem is that not all countries have good traditions. a clear example in developing countries of corruptors and the collusion and nepotism system is still very strong and cannot be destroyed, so we still hope that perhaps with the cryptocurrency all difficulties can be quickly overcome.

MelodicPop

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As always, one of the early adopters of technology. This is pretty compelling and powerful news. I'll be interested to see if this benefits Crypto as a whole, or a select few heavy hands from the banks.

Seems like a good opportunity for banks to get involved with moving money without oversight.

ricardobs

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Quote from: Stac on March 04, 2019, 08:53:08 AM

I guess Japan is the first Asian country that have legalized Bitcoin and Japan had planned to become the Asian Bitcoin capital of the world .Even though the technology of Japan is fast developing and more hacker are there even though they embraced Bitcoin legally.and Japan became the first country to regulate virtual currency .trading as a part of encouraging people towards Bitcoin and to give security for their assets.Mostly all the countries around the globe feel difficult to regulate Bitcoin some countries take secure by banning Bitcoin in their country . Since Japan is well developed in technology they encourage their people in digital currency .

Yes, I think so too, You can imagine a developed country as Japan accepting and adopting Bitcoin and yet some other developing countries still finding it difficult to adopt. They are actually very well developed with good technology. I do really hope my country can start thinking of doing the same thing.

I can just imagine how much changes this would bring to the country both individually and collectively

D3m1r4wanti

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Japan is a developed country in the field of technology, they will surely open themselves to the development of digital currencies including crypto currencies.
regulations that are made for sure have been carefully calculated so as not to affect the economy of their country

Pab

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Quote from: Drysprinkles291 on November 11, 2018, 05:51:54 PM

Japan’s primary financial regulator has formally granted the cryptocurrency industry with a self-regulatory status by allowing an industry body to police domestic exchanges. With the acquisition of the accreditation, they'll continue to make further efforts to create an industry that people can trust from everyone who uses virtual currency with members exchanges. Do you think we'll see this happening in other countries anytime soon?

That could be great if we can see that in other countries but i think it will be hard to introduce that in for example USA
Europe is open and Europe is working on friendly regulation what will also protect customers
EU is slow because there is 28 countries members and that year are election for EU Parliament

millgates

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Quote from: Drysprinkles291 on November 11, 2018, 05:51:54 PM

Japan’s primary financial regulator has formally granted the cryptocurrency industry with a self-regulatory status by allowing an industry body to police domestic exchanges. With the acquisition of the accreditation, they'll continue to make further efforts to create an industry that people can trust from everyone who uses virtual currency with members exchanges.

I knew another source that said japan's FSA gave the cryptocurrency industry self-regulatory status, permitting the japan virtual currency exchange to police and sanction exchanges for any violations. In essence this policy is very good

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Do you think we'll see this happening in other countries anytime soon?

I think yes, every country should improve security for cryptocurrency users so this step should be taken.

SafeSpell

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Probably not only Japan, but Japan has a really poor record for self regulation. This could be worse than no regulation at all.

ecnalubma

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Japan is one of the crypto powerhouse I should say, they can really give impact to this industry. Through the green light that they rate crypto, they just show to the world how serious they are in the blockchain space I wonder why some other countries hard to realise its potential.

futile-resistance

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You see why Japan will always be ahead of so many countries. I believe in a short time so many countries will be left with no choice than to follow suit. It’s great news to all cryptocurrency users because everyone is aware that Japan is a trend setter and a country that is developed and with high technology, developing countries look up to them in making decisions and this decision taken by them will have a long way to go in influencing other countries. They are really so supportive and I truly applaud them.

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Quote from: PlusOne88 on March 05, 2019, 04:37:34 AM

I have seen more new updates from cryptocurrency as of today. And almost everything seems to be positive about its adoption. The possibility of prices going up in almost all cryptocurrency is really a big for the coming days. I just hope this trend continues so that people who are non users will be encourage to use it as well.

I think the price of cryptocurrency will not directly be able to increase prices, surely there will be a stage to make the price of the cryptocurrency rise, and even then it requires many people to buy cryptocurrency so that the price can recover.

PlusOne88

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I have seen more new updates from cryptocurrency as of today. And almost everything seems to be positive about its adoption. The possibility of prices going up in almost all cryptocurrency is really a big for the coming days. I just hope this trend continues so that people who are non users will be encourage to use it as well.

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Quote from: LUCKMCFLY on March 04, 2019, 11:33:24 AM

Quote from: rhyajelle on March 04, 2019, 10:04:20 AM

Quote from: Drysprinkles291 on November 11, 2018, 05:51:54 PM

Japan’s primary financial regulator has formally granted the cryptocurrency industry with a self-regulatory status by allowing an industry body to police domestic exchanges. With the acquisition of the accreditation, they'll continue to make further efforts to create an industry that people can trust from everyone who uses virtual currency with members exchanges. Do you think we'll see this happening in other countries anytime soon?

it does not rule out the possibility, but since long time ago, Japan was very Pro with cryptocurrency, especially bitcoin.
as we know there are some Japanese companies that even give their employees a bitcoin salary.

It is very true, now they will have an endorsement to make this even more legal, which can generate a good turn to the market, when there is direct interaction with other people who are not so involved in the market, the market is expanding, Japan has a great community, both enthusiasts, miners and merchants.

Japan is early country that allowing transaction bitcoin in merchant, restaurant etc. The climate for cryptocurrency is good in Japan and crypto community. With self regulation, i think it crypto community in Japan will growing fast

0t3p0t

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Quote from: Drysprinkles291 on November 11, 2018, 05:51:54 PM

Japan’s primary financial regulator has formally granted the cryptocurrency industry with a self-regulatory status by allowing an industry body to police domestic exchanges. With the acquisition of the accreditation, they'll continue to make further efforts to create an industry that people can trust from everyone who uses virtual currency with members exchanges. Do you think we'll see this happening in other countries anytime soon?

This is great news in the cryptocurrency community as it helps enthusiasts, investors and traders safety. I do hope my country or some countries will be adopting such move to ensure it's citizens safety towards cryptocurrency related investments. We cannot trust exchanges and ICO's without government's regulation and this is really one of the most important part of this industry and I know everyone love it.

LUCKMCFLY

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Quote from: rhyajelle on March 04, 2019, 10:04:20 AM

Quote from: Drysprinkles291 on November 11, 2018, 05:51:54 PM

Japan’s primary financial regulator has formally granted the cryptocurrency industry with a self-regulatory status by allowing an industry body to police domestic exchanges. With the acquisition of the accreditation, they'll continue to make further efforts to create an industry that people can trust from everyone who uses virtual currency with members exchanges. Do you think we'll see this happening in other countries anytime soon?

it does not rule out the possibility, but since long time ago, Japan was very Pro with cryptocurrency, especially bitcoin.
as we know there are some Japanese companies that even give their employees a bitcoin salary.

It is very true, now they will have an endorsement to make this even more legal, which can generate a good turn to the market, when there is direct interaction with other people who are not so involved in the market, the market is expanding, Japan has a great community, both enthusiasts, miners and merchants.

rhyajelle

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Quote from: Drysprinkles291 on November 11, 2018, 05:51:54 PM

Japan’s primary financial regulator has formally granted the cryptocurrency industry with a self-regulatory status by allowing an industry body to police domestic exchanges. With the acquisition of the accreditation, they'll continue to make further efforts to create an industry that people can trust from everyone who uses virtual currency with members exchanges. Do you think we'll see this happening in other countries anytime soon?

it does not rule out the possibility, but since long time ago, Japan was very Pro with cryptocurrency, especially bitcoin.
as we know there are some Japanese companies that even give their employees a bitcoin salary.

samcrypto

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Quote from: Stac on March 04, 2019, 08:53:08 AM

I guess Japan is the first Asian country that have legalized Bitcoin and Japan had planned to become the Asian Bitcoin capital of the world .Even though the technology of Japan is fast developing and more hacker are there even though they embraced Bitcoin legally.and Japan became the first country to regulate virtual currency .trading as a part of encouraging people towards Bitcoin and to give security for their assets.Mostly all the countries around the globe feel difficult to regulate Bitcoin some countries take secure by banning Bitcoin in their country . Since Japan is well developed in technology they encourage their people in digital currency .

Always a great place for a great technologies. Japan is a big country that can influence their neighbors, and for sure Japan will become the center of cryptocurrency in Asia. Its a good move, i hope my country will also have a goal like this so we can also be morw cryptofriendly in the future.

Stac

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I guess Japan is the first Asian country that have legalized Bitcoin and Japan had planned to become the Asian Bitcoin capital of the world .Even though the technology of Japan is fast developing and more hacker are there even though they embraced Bitcoin legally.and Japan became the first country to regulate virtual currency .trading as a part of encouraging people towards Bitcoin and to give security for their assets.Mostly all the countries around the globe feel difficult to regulate Bitcoin some countries take secure by banning Bitcoin in their country . Since Japan is well developed in technology they encourage their people in digital currency .

repsol

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That is great for crypto users especially, it means that crypto currency users can feel more secure by this acquisition.
Further we will see other countries as Japan's as the development of crypto users rapidly increase, it needs regulator from any authority to avoid crime and funds fraud.

However, crypto users don't need to be panic for not guaranteed by government because all are secure as long as the users keep the information account safe;y.

shinharu10282016

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Quote from: Kakmakr on December 30, 2018, 03:47:51 AM

The Japanese government is a lot more open-minded than most of the other countries in the world. They were the first government to accept Bitcoin as a currency, when other countries defined Bitcoin as a commodity.

Now they approve self-regulation with a currency that has the potential to be used for money laundering and also criminal activities and capital flight. We should applaud them for this and support them in this endeavor. Create mechanisms that would help to prevent this and also counter measures to catch the criminals that misuse this technology. Angry

I really think they indeed looked up into something about countermeasures about money laundering and criminal activities when accepting this self-regulation since they all want to play safe, just like what South Korea did with its legislation on cryptocurrency. In fact, if we haven't actually read their self regulation entirely, we should not be that sad since we are talking about these Japanese people.

Topic: Japan Approves Self-Regulation for Cryptocurrency Industry - page 2. (Read 16866 times)