Search Coins

Bitcoin: Will institutional interest be BTC’s savior?

ambcrypto.com20 minutes ago
0

Meta CEO Zuckerberg steadfast on metaverse plans despite $13.7B setback

cointelegraph.com38 minutes ago
0

London Crowned World’s Leading Cryptocurrency Hub, According to Study

news.bitcoin.coman hour ago
0

Nostr Will Only Scale If It Can Incentivize Users To Run Relays

bitcoinmagazine.coman hour ago
0

Crypto market cap jumps $40B as Fed chair Powell hints at 'disinflation'

cointelegraph.coman hour ago
0

Breaking: Bitcoin Breaks Above $24,000 For The First Time In 2023

bitcoinist.coman hour ago
0

BonqDAO protocol suffers $120M loss after oracle hack

Ethereum: Deflationary? Yes, but there is more than meets the eye

ambcrypto.coman hour ago
0

MATIC May Take The Crypto Market By Surprise, Here’s Why

Ethereum's Shanghai fork is coming — but it doesn't mean investors should dump ETH

Crypto Sharks Have Accumulated Over $108,000,000 in Litecoin in Six Months As LTC Inches Toward $100: Santiment

dailyhodl.com3 hours ago
0

New Cardano-Based Stablecoin DJED Quickly Attracts Over 27,000,000 ADA in Reserves

dailyhodl.com3 hours ago
0

Cardano (ADA) Maintains Bullish Streak, But How Are Holders Faring?

bitcoinist.com3 hours ago
0

Are Nigerians Really Buying Bitcoin For As High As $34,000?

www.newsbtc.com3 hours ago
0

ETH and SOL NFTs in trouble after market shutdown? Analyzing…

ambcrypto.com3 hours ago
0

Britain Announces Plans for ‘Robust’ Crypto Rules, Launches Consultation

news.bitcoin.com4 hours ago
0

Judge dismisses proposed class action suit alleging Coinbase securities sales

cointelegraph.com4 hours ago
0

Bitcoin bulls plan to flip $23K to support by aiming to win this week’s $1B options expiry

FED To Put Off Interest Rate Hikes, Bitcoin Rallies: Here’s Why

www.newsbtc.com4 hours ago
0

South African ‘Pick n Pay’ teams up with CryptoQR to accept bitcoin

crypto.news5 hours ago
0

Crypto Exchange Coinbase Adds New Wallet Security Feature To Protect Against Phishing and Scams

dailyhodl.com5 hours ago
0

Indian tokens WRX and ECOIN dominate Twitter but questions remain

crypto.news5 hours ago
0

Federal Reserve Raises Benchmark Interest Rate by 0.25%, Disinflationary Process ‘Early,’ Says Powell

news.bitcoin.com5 hours ago
0

Assessing if Bitcoin [BTC] traders will change their tune after FOMC

ambcrypto.com5 hours ago
0

US Treasury lists BTC, ETH addresses tied to Russian sanctions evasion group

cointelegraph.com6 hours ago
0

Japan to Provide G20 With Solution for Crypto Regulation

Apr 23, 2019 7:05 AM +00:00
0

Japan is preparing to share its experience regarding cryptocurrency regulation with finance ministers and central bank governors from other G20 countries at the upcoming summit which it will host in June. According to local media, Japanese regulators have a solution for crypto regulation to offer the G20 countries.


Also read: Indian Supreme Court Postpones Crypto Case at Government’s Request


Crypto Regulatory Manual

Japan is often known as one of the most crypto-advanced countries, having legalized cryptocurrency as a means of payment in April 2017. According to local news outlet Sankeibiz, Japanese regulators have created a handbook “that each [G20] country can use for regulations, such as measures to prevent the outflow of virtual currency.”



“International rules are being developed to prevent money laundering and terrorist financing, with virtual currency restrictions in place,” the news outlet described Monday. “On the other hand, there are no rules in terms of the protection of customer assets and the soundness of the market, so it is the first time that certain ideas are shared internationally,”


A wide range of regulatory measures are being adopted by the G20 countries, as news.Bitcoin.com previously reported, with some currently over-regulating crypto assets. The publication conveyed:


Since it is difficult to establish common rules, we [Japan] decided to put them in a guidebook, to have the know-how in a form that suits each country, and to raise the level of regulation.


According to the news outlet, the manual addresses key regulatory areas such as “Necessary measures to protect customer assets,” “Measures against cyber attacks,” and “Ways of providing information to customers.”


The Japanese Experience

Japan is drawing from its own experience after two major cryptocurrency exchanges in the country were hacked last year — Coincheck in January and Zaif in September. Following the hacks, the country’s top financial regulator, the Financial Services Agency (FSA), increased its oversight of crypto exchanges including conducting on-site inspections and issuing business improvement orders. The agency has also been holding study group meetings which have resulted in many new proposed measures for the crypto industry.


Earlier this month, the FSA released a guide containing reference cases to help financial institutions identify suspicious crypto transactions and report them to the authorities per Article 8 of the Act on Prevention of Transfer of Criminal Proceeds.



Crypto transactions involving a large amount of cash or foreign currency and high-value transactions that do not match customer income or assets are suspicious to the FSA. Transactions in accounts that frequently receive crypto remittances from multiple addresses are also suspicious, especially if large withdrawals are made immediately after receiving them, the agency explained.


The FSA also warned of transactions in accounts suspected of being fake or with names that appear to be fictitious, adding that customers with a large number of accounts, especially under different names, should also be red-flagged.


Moreover, the regulator noted that transactions employing “anonymization technology when a customer deposits virtual currency into an account” are suspicious. Also on the list are transactions from multiple accounts using the same IP address, those that appear to be domestic but have foreign IP addresses and languages, and ones “that make tracking IP addresses difficult.”


Do you think the G20 should follow Japan’s lead regarding crypto regulation? Let us know in the comments section below.




Images courtesy of Shutterstock.




Need to calculate your bitcoin holdings? Check our tools section.


The post Japan to Provide G20 With Solution for Crypto Regulation appeared first on Bitcoin News.

Share This Article


Get the most out of CoinFi News!

Save coins into your Watchlist and be the first to know about the latest market moving news.