The government understands the issues regarding volatility and fraud with crypto assets, but it’s willing to provide a strong regulatory framework. Ethereum founder Vitalik Buterin said on Tuesday that the Ethereum Merge is on target to happen 'around' September 13 to September 15. Unlike its neighbor China, Japan has always been open to the acceptance of cryptocurrencies. The move came after the government showed concern over the continuous influence of private money on the country’s existing financial system. Last year, Japan’s Financial Services Agency (FSA) set up a new unit that oversees digital currency regulatory frameworks. Japan Shows Interest In Crypto Regulation The move will make BSV the 15th cryptocurrency on Huobi Japan. The idea is to simplify the process of listing crypto assets on exchanges in the country.Īdditionally, last month Huobi, Japan’s leading cryptocurrency exchange, stated that Japanese citizens can start trading Bitcoin’s Satoshi’s Vision (BSV) this month. In March, Japan announced that it will introduce a green list of crypto assets that will be listed in a-go on exchange. Also, the news is coming after Japan passed a new law that defines stablecoins as digital money, as authorities seek to establish investor protection.
Last month, Japanese Prime Minister Fumio Kishida criticized JVCEA for the extended time it takes for pre-screening procedures. Bitcoin could hit 300,000 by year-end, predicts crypto. This comes after the Japanese government expressed discontent with the current method of listing digital assets in the country. Bitcoin has had a blockbuster 2021 so far, with the cryptocurrency breaking multiple record levels this year. While the association is considering a change in the process, sources within Japan’s Financial Service Agency stated that it’s not clear whether the watchdog will approve the JVCEA recommendations. Approval Of The New Process Is Not Certain
Cryptocurrency will jettison update#
The body is currently discussing the update and a decision can be reached before the end of the year, the report noted. But the new method will not be used on initial coin offerings. It is a 10 step security put up in 3 levels. Mostly, Cryptocurrency Security Standards (CCSS) have ten points that are fulfilled while setting up cryptocurrency security systems. JVCEA could start focusing on policing crypto assets after they are listed. Also, the Cryptocurrency Security Standards CCSS helps the customers and investors to make good decisions when allying with the companies. But reports revealed that such a procedure could change soon. People will have far less incentive to jettison straightforward PayPal. The association says crypto exchanges that want to list new tokens will have to go through a screening process, which is currently being practiced. Eiland Glover, the founder and CEO of Kowala believes that the time is ripe for. The Japan Virtual and Crypto Assets Exchange Association (JVCEA) is planning to abandon its currency crypto token screening methods.
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