Japan Has No Plans to Curb Crypto, Seeks Further Growth
Japan’s positive stance on cryptocurrencies just got reaffirmed. “We have no intention to curb (the crypto industry) excessively,” said Toshihide Endo, the commissioner of Financial Services Agency (FSA), Japan’s top financial regulator. In a recent interview with Reuters, Endo said that the FSA was trying to promote technological innovation while ensuring that consumers were protected. He also said that they would like to see the cryptocurrency industry grow under appropriate regulations.The FSA cracked down on cryptocurrency platforms after the $530 million crypto theft from Coincheck, a bitcoin wallet and exchange headquartered in Tokyo. In July, the authority revealed that it was considering regulating crypto exchanges under the Financial Instruments and Exchange Act (FIEA), instead of their current legal foundation, the Payment Services Act, to bolster consumer protection. If the change is implemented cryptocurrencies, which at present are positioned as electronic money, will be considered as financial products thereafter.
