Japan Urges Regulators Worldwide to Subject Crypto Exchanges to Bank-Level Oversight – Regulation Bitcoin News
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Japan is taking a strong stance on cryptocurrency regulation, as the country’s financial regulator has urged other countries to adopt bank-level oversight of cryptocurrency exchanges.
The Japan Financial Services Agency (FSA) recently asked global regulators to adopt stricter rules for cryptocurrency exchanges, emphasizing the need for stronger oversight to protect investors and prevent money laundering.
The FSA has been leading the charge in Japan when it comes to cryptocurrency regulation, introducing a licensing system for cryptocurrency exchanges in 2017 and introducing new rules for ICOs in 2018.
Now, the agency is looking to take its regulation efforts to the next level by urging other countries to adopt similar regulations.
According to the FSA, cryptocurrency exchanges should be subject to the same level of oversight as banks and other financial institutions. The agency believes that this will ensure that exchanges are held to the same standards as traditional financial institutions and will help protect investors from potential fraud.
The FSA also believes that this level of oversight will help prevent money laundering and other illegal activities.
The agency’s call for stricter regulations comes as the Japanese government is looking to take a more active role in the cryptocurrency industry. Earlier this year, the government announced plans to establish a new regulatory body to oversee the industry.
The FSA’s call for global regulation is a sign that the Japanese government is taking its role as a leader in cryptocurrency regulation seriously.
It remains to be seen if other countries will follow Japan’s lead and introduce similar regulations. However, the FSA’s call for greater oversight is a positive sign for the industry and could lead to more countries introducing similar regulations in the near future.
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