G20’S Crypto Regulatory Stance May See Japan Behind The Steering Wheel

BTC Wires: The Japanese government historically has a played a major role in the inclusion of new rules and mechanism pertaining to cryptocurrency trading as they were the first among various other counterparts to agree to the new rules and laws. Now, with Japan being proactive in the formulation of Fintech policy has taken an initiative to draw the attention of G20 counterparts to look into the matters concerning cryptocurrency and illicit activities. The Japanese authorities are trying to bring other countries on the same page on certain common regulations.

One of the underlying fact that will probably come in the way of Japanese authority in getting a single positive stand on the common regulation is the differences in approach of different countries which simply cannot be overlooked. According to the latest inputs from the Japanese officials, Tokyo is going with a single objective in the G20 meet and that is to discuss the ways by which illicit activities that are carried out with cryptocurrency being an integral part can be stopped.

Earlier in the month of March, the central bank governors and finance minister of G20 countries came together to put forward the plans of regulating cryptocurrency. Now, it is quite natural to come up with a question as to why Japan has been trying to fill in the loopholes of the cryptocurrency trading with newer regulation? The answer lies in the checks initiated on several exchanges carried out by the Japanese officials after the theft of $500 million form Coincheck. Further, there were more 700 cases revealed of money laundering.

According to the Japanese officials, the trick lies in applying regulations to prevent money laundering without curbing the innovations and new changes in the fast-growing cryptocurrency market and Fintech sector.