The Bank of Japan’s (BOJ) deputy governor Masayoshi Amamiya has recently reiterated his negative stance towards central bank-issued digital currencies (CBDC), the New York Times reports Oct. 20. Speaking on Saturday at a meeting in Nagoya, central Japan, Amamiya expressed doubts about the use of CBDCs, claiming that such digital currencies are unlikely to improve the existing monetary systems. Amamiya also stated that the BOJ does not plan to issue digital currencies. The article reports that some financial experts consider a CBDC as a tool for central banks to control the economy once interest rates fall to zero. According to …
The commissioner of Japan’s financial regulator the Financial Services Agency (FSA) 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. The commissioner added: “We have no intention to curb [the crypto industry] 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 …
Japan’s Internal affairs minister Seiko Noda has denied her involvement in a government investigation into the operation of a non-registered cryptocurrency exchange, local news outlet the Asahi Shimbun reported July 19. In January, the Financial Services Agency (FSA) reportedly suspected a Tokyo-based company of violating the law by operating a non-registered cryptocurrency exchange. The FSA requested a written response to its concerns from the company, arguing that it “did not respond by the deadline given, it would report the matter to investigating authorities and take necessary steps.” The document obtained by the Asahi Shimbun reportedly revealed that several days after …
Japan has overhauled its financial regulator, the Financial Services Agency (FSA), in order to better deal with fintech-related fields, including cryptocurrencies, news outlet Nikkei Asian Review reported July 17. Changes were made to various bureaus in order to make the organization more suited to address new problems and challenges in the financial sector. Starting today, the newly created Strategy Development and Management Bureau, which replaced the Inspection Bureau, will reportedly develop a financial strategy policy and handle issues addressing the digital currencies market, fintech, and money laundering. Additionally, the bureau will be responsible for administrative duties and inspection of financial …
As Alex Tapscott put it, 2021 was the year when many governments and lawmakers began to finally wake up to the transformational potential of blockchain technology. Indeed, crypto’s global mainstreaming and growing market capitalization have made it difficult for the agents of power to ignore it and have rendered it a salient economic, social and political issue across many key jurisdictions. By all appearances, we are in for a busy year in crypto regulation and policymaking. Stablecoins, an asset class that attracted a fair amount of regulatory attention in 2021, will surely remain in the hot seat this year. For …