Japan Crypto Regulation: A New ‘Manual’ Designed For G20 Leaders
The Japan crypto regulation is a hot topic on many best cryptocurrency news sites right now. In the latest cryptocurrency news, we see that Japan has prepared a “manual” of cryptocurrency regulation proposals that will be handed out to G20 leaders and international financial chiefs.
The country will host both the G20 Summit and the G20 Ministerial Meetings on June 28 and 29 in Osaka and will set the agenda for the talks as its host. As it was previously reported, Tokyo is keen to bring the cryptocurrency regulation to the table.
Since Japanese ministers want global leaders to agree on a shared international framework for regulations. Meanwhile, Tokyo interferes to the Japan crypto regulation and opposes the status quo whereby the regulations in some G20 nations are exceptionally tight and non-existent in others.
According to Sankei Biz, the Japanese government has drawn up a “manual” which is described as a handbook of the new Japan crypto regulation efforts as well as cryptocurrency governance proposals and justifications which pertain to cryptocurrency exchanges in particular.
As part of the new regulation, Tokyo is also hoping to illustrate the need to implement systems that protect customer assets, international security protocols as well as systems that provide customers with information – especially in the event of a hack.
Aside from this, the Japan crypto regulation hand book will also outline two damaging hacks that Japanese exchanges suffered last year. Aside from the crippling Coincheck hack in January, the Zaif hack also took a toll of the country’s regulation and sweeped the legislative changes.
As reported on many best cryptocurrency news sites, the Japan crypto regulation has focused on the country’s exchanges with a strict set of regulations. The exchanges are obliged to seek operating permits from the regulatory Financial Services Agency which has the power to conduct extensive and on-site audits or even suspend trades.
The exchanges are also policed by the self-regulating Japanese Virtual Currency Exchange Association (JVCEA). On the other hand, the Japanese exchange platform SBI Virtual Currencies is owned by the financial giant SBI Group, says its recent decision to delist Bitcoin Cash and was made in accordance with the JVCEA guidelines.
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