The land of the rising sun has caught up with the tendency of developed nations to tend to their local cryptocurrency industry by tightening the grip around the circulation and transfer of digital coin assets. The Financial Services Agency (FSA) and the Ministry of Finance are all involved in establishing brand new crypto regulatory frameworks.
Currently, the Ministry of Finance us upping its number of operatives, while the FSA is mainly working on the future of crypto regulations. The FSA also established a brand new division that will focus on crypto-related affairs, although we know nothing more of tis division, as of yet.
Reuters reported last Friday that the latest move by the Japanese officials is paralleled by the increasing worry of how privately held funds are influencing financial systems. Moreover, the regulators are also very interested in the consequences produces by the usage of stable coins
The nation will probably be increasing its diplomatic reach with other developed nations around the globe in order to facilitate crypto regulation guidelines.
Meanwhile, the Bank of Japan is on the move with the nation’s very own central bank digital currency or CBDC. The awaited crypto regulations are said to act complementary to the expected CBDC integration.