The highest financial regulator in Japan, the Financial Services Agency, recently held an event called Roundtable on supervisory oversight of crypto-assets and regarding the policies on cryptocurrency around the world. This discussion would contribute to reinforcing international cooperation. In total there were 15 countries that were selected to get included in the group, talking about the various regulatory subjects that each of these areas faces in the world, however, the actual countries included were not announced. According to the agency, members have spoken their readiness to contribute in similar roundtables in the future.
However, the point of the group was not to establish extensive laws or even to control the best laws for each economy but to share info on tests faced by individual regulatory authorities and controlling frameworks as well as to co-operate and work globally. The JFSA has decided to establish recurring study group meetings to keep strong communication about regulations in the cryptocurrency industry.
In regards to crypto-assets, there were four subjects that came up during the discussion, including the challenge involved with crypto-related technology developments, the supervision of crypto trading platforms and how the group could collaborate with each other.
On October 19th, they held their seventh session, where they discussed results trading involving cryptocurrency. As per Bitcoin News, the margin trading was, after all, about 80 percent of the transactions that occurred last year in cryptocurrency in Japan. Also, the discussion at the meeting was the issue of whether there must be a limit for considered dealers or there should not be.
As stated on CryptoNewsz, in the meeting, the Japan Virtual Currency Exchange Association proposed a self-regulatory measure of warning the control to 4x in place of 25x leverage which some crypto-assets currently offer. The association which includes of members from 16 regulated cryptocurrency exchanges in Japan, is presently waiting for certification from the JFSA to be able to apply self-regulatory rules on its associates.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]