Japan: A manual on cryptocurrency regulatory proposals has been developed and will be submitted to the G20 Summit Leader

According to cryptonews reported on April 22, Japan has prepared a "handbook" related to the cryptocurrency regulation proposal, and will submit the manual to the G20 leaders and international financial leaders.

Photo-1528164344705-47542687000d

Image source: unsplash

Japan will host the G20 summit and the G20 ministerial meeting in Osaka from June 28th to 29th. As the host, Japan has the right to formulate most of the agenda for the talks.

As previously reported, the Japanese government is keen to put cryptocurrency regulation on the agenda. Japanese ministers hope that global leaders will agree on a common international regulatory framework. At present, some G20 countries have strict regulation of cryptocurrency, while in other countries there is almost no regulation. The Japanese government strongly opposes this situation.

According to Japan's Sankei Biz, the Japanese government drafted a “handbook” on cryptocurrency proposals and explained its rational reasons. The cryptocurrency exchange was special. set forth.

Tokyo wishes to explain the need to implement the following measures:

  • System to protect customer assets
  • International security agreement
  • a system that provides information to customers (especially when hacking)

The manual will also outline two destructive hacking attacks on the Japanese exchange last year. The Coincheck hacking incident, which caused serious consequences in January this year, was a turning point in Japan’s exchange policy. The incident of Zaif’s theft in September last year also led to comprehensive legislative reforms.

Japan uses a strict set of regulations to enforce its own exchanges. All transactions are subject to the regulatory authority, the Financial Services Agency (FSA), which has the right to conduct extensive on-site audits and even suspend trading services on the exchange. The exchange will also be regulated by the Japan Virtual Currency Trading Self-Regulatory Association (JVCEA). For example, SBI Virtual Currencies, a Japanese trading platform owned by financial giant SBI Group, said its recent decision to remove Bitcoin Cash was based on JVCEA guidelines.

At the previous meeting, the G20 had a brief debate on cryptocurrency regulations and reached a preliminary consensus on the importance of international cryptocurrency tax measures, but so far no decisive action has been taken.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

The FATF's strongest regulatory new regulations have come, and the exchange's "resistance" will be held at the end of the month.

The world's mainstream cryptocurrency market – the United States, Japan, South Korea, China, how long is i...

Blockchain

Number reading | The paradox behind the 109 reports The truth is that IEO is an antidote or a poison?

After several months of fermentation, the IEO boom continues, and there is even a wave of higher waves. Yesterday (Ap...

Blockchain

Research Report | Blockchain Economics Panorama and Future: Exchange Compliance

Author: BlockVC industry research team Source: BlockVC Editor's Note: The original title is "Postal Chain E...

Blockchain

Inside story How FTX stays up all night to prevent a $1 billion cryptocurrency theft case

On the same day FTX announced bankruptcy, someone began stealing hundreds of millions of dollars from its vault. An i...

Blockchain

From Caroline Ellison to Gary Wang The Fate of Bankman-Fried Hangs by a Thread, According to Bloomberg

Three ex-close friends and colleagues of FTX co-founder Sam Bankman-Fried have testified against him, possibly result...

Blockchain

The Stock Exchange technology drives the AAX Exchange to be officially launched, and the four dimensions define the new industry standards.

Lead: As a next-generation digital currency trading platform, AAX leverages LSEG's Millennium ExchangeTM engine ...