The commissioner of Japan's financial regulator the Financial Services Agency said that the agency wants the cryptocurrency industry to "Grow under appropriate regulation," in an interview with Reuters August 22.
Toshihide Endo, commissioner of Japan's FSA, told Reuters he sees the agency's goal for developing the crypto industry as finding a "Balance" between consumer protection and technological innovation.
"We have no intention to curb excessively. We would like to see it grow under appropriate regulation."
In July, the FSA had been considering changing the legal basis for regulating crypto exchanges to oversight by the Financial Instruments and Exchange Act, instead of its current legal foundation, the Payment Services Act.
Earlier this month, the FSA published the results of its on-site inspections of a number of cryptocurrency exchange operators, noting that in the inspections it gives "Priority to investor protection."
Japan's Financial Regulator Wants Crypto Industry to 'Grow Under Appropriate Regulation'
Published on Aug 23, 2018
by Cointele | Published on Coinage
Coinage
Recent News
View All
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.