Japanese Crypto Media Issues Joint Statement Against FSA's Implementation of Funds Clearing Algorithm for Virtual Currency

According to Coinpost reports, four companies including Japan Cointelegraph Japan, COIN TOKYO, CoinChoice and CoinPost issued a joint statement opposing the Japan Financial Services Agency (FSA) 's "Revised Funds Clearing Algorithm" for virtual currencies. The media said that the implementation of the bill will greatly affect the development of the Japanese crypto industry and have the following effects: 1. The impact of crypto asset trading income, domestic cryptocurrency exchanges will face a more difficult business environment; 2. The lack of crypto asset derivatives Innovation. With the increase of Japanese derivatives regulations, people are worried that they may miss the new trend of the crypto asset market; 3. Fears of accelerated outflow of assets from overseas investors, policies will cause the liquidity of the domestic crypto asset market to decline.