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Japan Urges Regulators Worldwide to Subject Crypto Exchanges to Bank-Level Oversight Regulation Bitcoin News

January 19, 2023
in News
Reading Time: 4 mins read
Japan asks US and other countries to regulate cryptocurrency exchanges like banks

Japan has reportedly urged other countries, including the United States, to regulate cryptocurrency exchanges in the same way banks do. A senior FSA official explained that his recent FTX implosion was not caused by cryptography, but by loose governance, lax internal controls, and a lack of regulation and oversight.

Bank-level cryptocurrency regulation

Japan’s top financial regulator, Japan’s Financial Services Agency (FSA), has called on regulators around the world to impose bank-level regulation on cryptocurrency exchanges, Bloomberg reported Monday. Mamoru Yanase, Deputy Director General of the Financial Services Agency’s Planning Bureau, said:

If we want to implement effective regulation, we must do the same thing that regulates and supervises traditional institutions.

The FSA has called for stronger crypto regulation following the collapse of crypto exchange FTX and subsequent fraud accusations against former CEO Sam Bankman-Fried (SBF). The FTX meltdown hit the cryptocurrency industry hard, highlighting regulatory gaps and differences around the world.

Japan’s strict regulatory framework for crypto assets has provided a means of protecting local investors. withdraw their funds From two Japanese crypto exchanges linked to FTX next month.

Commenting on FTX’s failure, Mr. Yanase said:

It’s not cryptography per se that this scandal has brought about…it’s lax governance, lax internal controls, and a lack of regulation and oversight.

According to Yanase, the FSA started to urge US, European and other financial agencies to impose the same level of oversight on cryptocurrency exchanges as on traditional financial institutions such as banks and securities firms. That’s what I mean.

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Achieving regulatory coherence around the world, Yanase noted that countries may need to establish multinational resolution mechanisms to coordinate in the event of a large cryptocurrency company going bankrupt. emphasized the importance of

FSA officials say countries need to firmly demand cryptocurrency exchanges to ensure consumer protection, curb money laundering and implement robust governance, internal controls, audits and disclosures. There is,” he emphasized. Regulators should also have the power to take enforcement actions, such as on-site inspections, to ensure cryptocurrency companies are properly managing their customers’ assets, he added.

What are your thoughts on Japan pushing other countries to regulate banks and other cryptocurrency exchanges? Let us know in the comments section below.

Kevin Helms

An Austrian economics student, Kevin has been an evangelist since he discovered Bitcoin in 2011. His interests lie in Bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.

image credit: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. Bitcoin.com It is not intended to provide investment, tax, legal or accounting advice. NEITHER THE COMPANY NOR THE AUTHOR WILL BE LIABLE, DIRECTLY OR INDIRECTLY, FOR ANY DAMAGE OR LOSS ARISING OR ALLEGED TO OCCUR ARISING OUT OF OR RELATING TO YOUR USE OF OR RELIANCE ON ANY CONTENT, PRODUCTS OR SERVICES DESCRIBED IN THIS ARTICLE. We are not responsible.

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