Japan is going to share its principles of the approach to cryptoregulation with the ministers of finance and the governors of the central banks of the G20 member countries.
According to yesterday’s Japanese Sankeibiz report, the country's regulatory authorities have already prepared a manual outlining measures to prevent the outflow of cryptocurrencies.
The 2018 G20 Summit is scheduled to take place on June 28 and 29 in the Japanese city of Osaka. The finance ministers and central bank governors of 19 countries and the European Union will come together to discuss various economic issues and thereby promote international financial stability.
G-20 members such as China and India are hostile to the emerging digital currency industry, while most other members are trying to create a set of rules for this sector. Japan from the very beginning encouraged cryptocurrencies and even provided them with legal status.
It is known that in 2018, after the attack on the Coincheck stock exchange, Japan’s financial regulators came under strong public pressure, then NEM tokens worth about $ 530 million were stolen from the trading platform. After careful study of the aspects of security organization and work of all the exchanges operating in the country, Financial Services Authority (FSA) has commissioned all cryptographic services to obtain a license to operate.
In the proposed guide, Japan outlined many of the key aspects of crypto regulation, including “the necessary measures to protect customer assets”, “measures against cyberattacks” and “ways of providing information to customers”.
This is not the first time that G20 members have raised issues related to cryptocurrency, since last year they discussed the topic of tax evasion, money laundering and terrorist financing using digital assets.
Meanwhile, recently Japan plans to strengthen the supervision of cold wallets of cryptocurrency exchanges in order to reduce the risks of theft of user funds. The Japanese regulator also updated the rules for cryptocurrency trading and set standards in accordance with the existing Forex trading industry.
Publication date 04/24/2019
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