History makes it very evident that Japan has always been open to innovations and experimenting with it. For the last two centuries, many of the technological advancements and innovations have come up from there. Japan has managed to steal the limelight when it comes to crypto regulations. Being very open to crypto investments the country gives hope for development in blockchain and related applications.
After legalizing trading in cryptocurrencies in 2017, Japan hasn’t looked back and made significant efforts in establishing Bitcoin and other crypto assets in the digital trade market. As blockchain is still in its latent stage and the issues like hacking, theft and other are still not inevitable. All this adds to the hurdles in the generalization of bitcoin and other crypto assets. Though the talk of regulating cryptocurrencies has been around the corner for a while currently they are self-regulated. The mammoth task of regulation cannot be done without the support of government and the experts of the field. There is a need for discussion and a regular meeting between crypto-asset counterparts and government regulatory bodies for resolving the mist around crypto investment and legalization and the framework for regulation.
Japan’s virtual currency exchange association, the JVCEA, wants to be ascertained as being the official certification fund settlement business association in Japan. Though JVCEA has acted as a regulating institute in Japan and its activities have been reviewed by the government but it doesn’t have an official signatory to it.
After certification, JVCEA would be able to monitor its members, add new members and enforce rules and regulations to be strictly followed. The ambivalence around official certification is still hazy but JVCEA has left no stone unturned.
Japan’s FSA has to take the final call regarding certification of JVCEA. FSA has been monitoring the developments in the field of cryptocurrencies for a long time and would be certifying JVCEA according to the 100-page report submitted by them.
Amidst all these developments and significant moves, Japan is acting like the godfather and savior of crypto-currencies. The country has taken major decision to project itself as the “freest” country in crypto trading.