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.

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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.

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