Japan is quite an intriguing country with regards to cryptocurrency. Its retail industry has taken a liking to Bitcoin over the past few months. Most of the momentum stems from that the Japanese government legalized Bitcoin in Apr of this year.
To make matters more intriguing, the country's Financial Services Agency will now work on further regulating cryptocurrency exchanges. This is an intriguing move which will set a precedent for the rest of the world. The concept of regulating cryptocurrency exchanges is nothing new. Every country in the world will enforce a form of regulation for exchange at one point or another. Some countries are well ahead of the curve, and it seems that Japan is attempting to set the tone.
The current plan is to set up a team of 30 government officials tasked with regulating virtual currency exchanges. There'll additionally be a so called chief of cryptocurrency monitoring. According to our latest info, that position will be filled by one Naoyuki Iwashita, a professor at Kyoto University. He's former head of the Bank of Japan's Fintech Center and will offer expert consultation. It'll be intriguing to see how things play out, as Japan has set a positive tone for the future of cryptocurrency.
Japan's efforts in fintech happen to be quite noteworthy.
In Apr Of 2017, the Financial Services Agency officially acknowledged virtual currency such as Bitcoin as a legitimate forms of payment. The local authorities set a precedent for the rest of the world. Japan has always been relatively quiet on the subject of Bitcoin up until that point, but things have taken a turn for the better ever since.
Considering how this is completely new financial technologies, a cautious approach is more than warranted at this stage of time. At present, the Agency of Financial Services Agency is currently seeking to introduce additional regulations for cryptocurrencies.