Japan just gave its cryptocurrency industry legal power to police itself - page 2.

gabmen

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Quote from: ?? on ??

I have divided feelings on this matter.
On one hand , yes it is correct action since classical agencies often do not know what to do with crypto.
On other hand, lets hope that they will be efficient and honest association.

Well knowing the japanese, i think you won't have much problems with your second concern since it's in their culture to put high importance in integrity. Once again japan is spearheading something that would probably be adopted in the near future.

ranman09

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I think it will be successful for managing exchanges but for clarity who will manage/audit if their government is too scared to police it? I think they will need more details about this.

joshy23

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The action's that Japan just did are an opener for most nations who will also allow crypto to co exist with their current currency, giving the body to implement its own rules to still for the benefits of their country, if this will be implemented properly from each country that will follow the adoptions
it will be a big help for the government to understand how crypto will help the system for payment transactions and at the other side government
will still have agency to deal with just in case issue and concerned will rise after.

Dohabaen01

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This is an awesome news for cryptoworld and mostly fo Japanese people. Japan being a pioneer in technology, this speculated ban on crypto didn't make sense at all. Specially when there are other nations look upto them.

livingfree

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What can we expect from Japan? it has been a supporter of crypto so it will create things easier for the people and for the exchanges who are operating within their jurisdiction. This great move would certainly influence their local markets and can be followed by other countries who can see job can be done easily if they'll apply same thing.
Japan never stop on surprising us with good things just to support the crypto market.

ronnis.gomes

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Most of the Asia countries, excluding China, are crypto friendly and Japan is one of the best places to use crypto and its regulation will become this market better and safer for everyone

Ridersss

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Quote from: Nicholson55 on October 26, 2018, 03:17:36 AM

The cryptocurrency scene is evolving too quickly for policymakers to keep up - well that’s the rationale behind a move by Japan to officially let thee industry create and enforce its own rules. If the approach works, it is likely that other not-do-forward-in-the-crypto-world nations will also test it. Apparently "Japan’s Financial Services Agency has granted the Japan Virtual Currency Exchange Association, a self-regulatory organization made up of representatives from cryptocurrency exchanges, authority to create rules aimed at protecting consumers, preventing money laundering, and standardizing how exchanges should operate. The agency also gets the power to sanction exchanges for breaking those rules, reports Reuters." Opinions on this? Will it be successful or fail miserably, or something in between? Will others follow soon?

I found information regarding this in a Technology Review article : https://www.technologyreview.com/the-download/612347/japan-just-gave-its-cryptocurrency-industry-legal-power-to-police-itself/

I strongly agree that the Japanese government coordinates crytocurrency. By legalizing cryptocurrency, Japan can prevent bad things related to corruption, collusion, nepotism that transact through cryptocurrency. But Japan can also capture positive things related to legal cryptocurrency, namely improving the welfare of the general public. Because for those who invest in cryptocurrency, they are given full protection and security.

hatshepsut93

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It's an interesting decision, but time will tell if it's good or not. Imagine if the western countries followed this approach and made Coinbase together with some few other big exchanges into a crypto regulator? They'd probably abuse this power to reduce competition and take control over various networks, like they've already tried with Bitcoin.

cryptohunter

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sensible move,

hitrawal91

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Quote from: Nicholson55 on October 26, 2018, 03:17:36 AM

The cryptocurrency scene is evolving too quickly for policymakers to keep up - well that’s the rationale behind a move by Japan to officially let thee industry create and enforce its own rules. If the approach works, it is likely that other not-do-forward-in-the-crypto-world nations will also test it. Apparently "Japan’s Financial Services Agency has granted the Japan Virtual Currency Exchange Association, a self-regulatory organization made up of representatives from cryptocurrency exchanges, authority to create rules aimed at protecting consumers, preventing money laundering, and standardizing how exchanges should operate. The agency also gets the power to sanction exchanges for breaking those rules, reports Reuters." Opinions on this? Will it be successful or fail miserably, or something in between? Will others follow soon?

I found information regarding this in a Technology Review article : https://www.technologyreview.com/the-download/612347/japan-just-gave-its-cryptocurrency-industry-legal-power-to-police-itself/

It's a great news and surely will improve the fradlents and hacking of wallets in the industry.I think every nation were crypto is a legal tender must do this people who will regulate this market would know market well an that can be more helpful.

peter0425

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I'm not surprised by the news because I saw one article about Japan saying that they will totally allowed crypto industry to police themselves so now its come into fruition. Eventhough that there are recent hacks, those exchanges took every step to pay their customers so its really a good move from the government to let those exchanges take the initiative and let crypto world flourish. And they just set the bar high again and we hope that other countries will follow on their footsteps.

budi691

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Quote from: market-beta on October 28, 2018, 02:54:10 AM

because in my opinion and the information I got was good from bitcoiners and reading. no one can predict the movement of cryptocurrency charts bro. they may predict typi the results are so many different from reality

this is not a problem of prediction, but I agree more if the influence of the market is the main thing. although the issues of 'whale' contributed to the rise and fall of bitcoin. I am still convinced, rising the value is part of a fair game.

mintomia199

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Japan always supports crypto from the starting. this news make a revolution in crypto industry in Japan and also effect the crypto price.Soon more countries will make it legal.

airdnasxela

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Japan is very amazing country? Th3y are very fast that they are always ahead she their actions are very futuristic and hall have reason. I hope this kind of newsnwill be growing so that cryptocurrency will grow not just in Japan but to the entire digital world. I will not be wrong about them because Japanese are the one who always wows rh3 wo4lr when it comes to their creativity. I hope they can upgrade bitcoin that will make it inevitable to change the local money to digital money.

bartolo

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Quote from: Nicholson55 on October 26, 2018, 03:17:36 AM

[/i]" Opinions on this? Will it be successful or fail miserably, or something in between? Will others follow soon?

I don't think so, what the Japanese government is doing is to recognize that they don't fully understand this ecosystem, so they delegate responsibility to an organization composed of people from within the ecosystem. That is coherent, but that is not how governments work so don't expect to see something like that anywhere else.

vicvicto17

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Isnt positive for centralized coin? But I guess there's a manipulation involve on this it makes me wonder how much tax do they pay on their economy. The debt is rising in every country coz it's all started in the U.S debt crisis even Japan is one of the major stock holder in the world bank I guess crypto's in Japan will be fully regulated in banks when they withdraw an amount.

Renal

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if the Japanese state that manages it then it is clear that going forward like crypto which is currently so advanced and popular, moreover crypto there has become a part of their lives so this will be made successful for the future.

meanwords

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It's just cool and good to see how Japan regulates and implement cryptocurrency in their country as part of their life. They are one of the most advance country in the world and that they are smart enough to do this kind of things to prevent bad things to happen and at the same time profit from it.

qiwoman2

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This is really huge and JAPAN is leading the way in both Fintech and Blockchain to emerge as a powerhouse in the niche of investments and trading. I think as more and more countries like JAPAN come into the fold, we will see more and more sold frameworks being built to grow the market cap as well as building security and protection in cyber-related activities pertaining to both crypto and other online stuff for the Masses and for Institutions to get their feet wet. I think also JAPANESE by nature are quite disciplined so it will be easy to oversee any illegal activities and crush them from the start before they grow too big.

Connor Guzman

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Its good to see Japan making regualtions to protect consumers and prevent money laundering. I am worried about the abuse of power from the authority's end. To what extent it can damage the decentralized nature.

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