in tRegulation is always a hot topic in our latest cryptocurrency news. In the latest updates, we are focusing on the crypto regulation in Japan which is a viral topic because of the serious attitude taken by the country.
If recent reports are to be believed, the G20 has established a solid agenda. The international organization’s busy calendar of activities will first kick off with a general summit on June 1 in Osaka, Japan. As it looks, Tokyo is determined to convince the international counterparts to commit to cryptocurrency regulations right from the outset. In this manner, the crypto regulation in Japan may impose a couple of regulations.
First of the list would be the issue of how new exchanges obtain operating licenses from the regulatory Financial Services Agency (FSA) post the Coincheck hack. According to a popular blockchain/crypto consultant named Akio Kikuchi:
“The government appears to have decided that it does not want a China-style shutdown of the industry, or a partial shutdown, like the one the South Korean government has imposed. But what is really wants to do is ensure all exchanges toe the line. And it really wants to end all forms of unregulated trading.”
The FSA has indeed done this. They imposed a strict set of rules for existing exchanges to abide by (as part of the new crypto regulation efforts) and the application process has become a lot more stringent too.
However, this is only the tip of the iceberg called crypto regulation in Japan. It is very likely that world leaders will want to spend their time on matters that they feel are more pressing – such as resolving the United States-China trade rift.
As many best cryptocurrency news sites report, the issue of crypto regulations is mainly forced by the former prime minister of Japan, Yoshihiko Noda, who wants the topic of crypto regulation in Japan to be brought into the June 1 summit.
“Reaching an international agreement [on crypto regulation in Japan] on June 1 could block North Korea’s ongoing efforts to escape economic sanctions,” Noda stated.
However, the prospect of international regulations is getting bigger and featured in the altcoin news more and more often. As some enthusiasts say, people tend to view regulations as a negative thing – but may start thinking about this differently if they abide by the rules.
SEC Commissioner: BTC ETF Will Be Approved When The Industry Matures
“When the markets reach that stage, I fully believe we’ll have an SEC that’s ready to move forward with approving [a bitcoin ETF].”The SEC rejected a bitcoin ETF application twice which was submitted by the Winklevoss Twins who own the New York-based crypto exchange Gemini. Both of the rejections stated that the failure to demonstrate how their Bitcoin ETF could prevent fraud is one of the reasons for it. In May 2019, the SEC denied a VanEck Bitcoin ETF once again and it seems that it won’t be accepting any soon. Jackson claims that the regulator is considering whether to approve crypto proposals mainly because it wants to protect the consumers from scams. Also, he noted that the crypto industry has not yet fulfilled the ‘’basic market requirements’’ in order to enable mass trading. However, the SEC Commissioner will step down from the agency in order to teach at NYU Law School this year. While Jackson is the crypto skeptic in the company, his friend and colleague Hester Peirce is among the bitcoin-friendly people and was named the Crypto Mom on one occasion. Jackson pointed out:
“We have to take principles that are 80 years old and 90 years old and apply them to [brand-new] technology. And we often disagree about exactly how to do that.”Pierce was the only one of the five commissioners who wanted to approve the Bitcoin ETF application submitted by the Winklevoss twins in 2018. She said that the rejection would stifle innovation in this industry and the SEC will be in a very weird position for the investors. The agency launched a major crackdown on fraudulent ICOs and Jackson blamed the law companies as noted in the latest cryptocurrency news, for the many ICOs that rolled out in the industry and turned out to be fraudulent.
South Korean Exchanges Increase Liability Following Demands From Regulators
“The overstatement of trading volumes by cryptocurrency exchanges, and by implication the understatement of the importance of listed futures, suggests that market structure has likely changed considerably since the previous spike in Bitcoin prices in end-2017 with a greater influence from institutional investors,” JPMorgan wrote in a piece that speaks about Bitcoin futures and regulations.As we reported earlier this year, increasing security for South Korean platforms is also important due to the increased risk of cyberattacks from the neighboring North Korea. Last month, for example, there was a phishing scam that targeted users of the South Korean exchange Upbit - and was later confirmed to be work of North Korean state actors. At the same time, the coming altcoin news reported that a lot of South Korean exchanges were reporting gross losses for 2018 mostly because of the bear market. Data showed that only the Upbit crypto exchange made profits. Coinnest, for example, has shut down altogether in May this year. All in all, South Korean crypto exchanges have always been a hot topic reported by many best cryptocurrency news sites - especially because of the tight regulation and variety of users.
Indian Central Bank Denies Knowledge Of Proposed Crypto Ban Bill
“The penalty imposed on the accused, according to the bill, shall be either thrice the loss caused to the system, or three-fold the gains made by him/her, whichever is higher. If the loss or gain can’t be reasonably determined, the maximum fine that can be imposed may be notified by the government.’’
Financial Action Task Force Wants To Turn BTC Exchanges Into Banks
“Their recommendation could have a much larger impact than the SEC or any other regulator has had to date.”He also added that the problem was ‘’one of the biggest threats to crypto today.’’ Also, the FATF announced previously an incremental approach to crypto management in 2018:
“As part of a staged approach, the FATF will prepare updated guidance on a risk-based approach to regulating virtual asset service providers, including their supervision and monitoring; and guidance for operational and law enforcement authorities on identifying and investigating illicit activity involving virtual assets.“As reported previously in the coming altcoin news, the G20 members pledged to implement the suggestions by the FATF in full and as the deadline approaches, crypto entities are now sounding the alarm noting that an apparent ineptitude on the FATF side will get them. However, crypto users are not sure what this means. Many stay strong on the stance that Bitcoin is not a bank and is not SWIFT. Bitcoin is also not considered as money and it is just a database. Many want to make sure they keep Bitcoin that way.
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