FSB appoints the well-known crypto regulator Ryozo Himino as the new head of the Standing Committee on Supervisory and Regulatory Cooperation as we are reading in the latest cryptocurrency news below.
In a press release that was issued on Monday, the Financial Stability Board announced Himino’s appointment. The statement shows that the new executive will serve a two-year term starting from the end of September this year. Himino is taking over from Norman Chan who was the head of the Hong Kong Monetary Authority. For the FSB, the new executive was appointed because of his huge experience in international policy regulatory matters and a huge knowledge of cryptocurrency. As a part of the FSA, Himino played a very important role in shaping Japan’s approach to regulating cryptocurrency and crypto exchanges. Many of the regulatory policies have centered around the safe custody of the customer funds by the crypto exchanges. Despite the efforts, the Japanese exchanges are still a target of hackers where they lose millions of tokens and money from their platforms.
Himino was also at the front of Japan’s efforts to convince the G20 in adopting streamlined cryptocurrency policies since the anti-money laundering laws are a key focus on the considerations around the crypto governance. The intergovernmental Financial Action Task Force also issued some guidelines on how the countries should oversee their local crypto industries from an AML compliance point of view. As 2018 ended, the crypto-related money laundering cases accounted for less than 2 percent of the total money laundering cases in Japan.
This was one of the reasons why the FSB appoints this new head of the sector because according to the Japanese media outlet Excite News, Himino’s new position will focus on Facebook’s proposed Libra cryptocurrency and its regulation. The reports indicated that the FSB wants Himino to leverage his experience in creating new laws that will govern Libra’s operations. The Libra crypto project still attracts heavy criticism from the finance sphere as we read in the altcoin news. The Executive board member from the European Central Bank described Libra as being the ‘’siren call of treacherous promises’’ and according to him, Facebook’s cartel-like Libra will severely damage the ECB’s ability to establish monetary policy in the region.
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