Tuesday, February 7, 2023
  • About Us
  • Contact Us
  • Privacy Policy
  • Terms and Conditions
  • en English
    ar Arabicbg Bulgarianzh-CN Chinese (Simplified)nl Dutchen Englishfr Frenchde Germanit Italianpt Portugueseru Russianes Spanish
Crypto Miracles
Advertisement
  • Home
  • Crypto News
    • Bitcoin
    • Ethereum
    • Dogecoin
    • Litecoin
    • Ripple
    • Altcoin
    • Press Release
  • Blockchain
  • People
    • Opinion
    • Interview
  • Business
  • Technology
  • Market
  • Analysis
  • Live Price
  • Regulation
  • Guide
No Result
View All Result
  • Home
  • Crypto News
    • Bitcoin
    • Ethereum
    • Dogecoin
    • Litecoin
    • Ripple
    • Altcoin
    • Press Release
  • Blockchain
  • People
    • Opinion
    • Interview
  • Business
  • Technology
  • Market
  • Analysis
  • Live Price
  • Regulation
  • Guide
No Result
View All Result
Crypto Miracles
No Result
View All Result
Home Bitcoin

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

January 19, 2023
in Bitcoin
Reading Time: 4 mins read
0
Japan Urges US and Other Countries to Regulate Cryptocurrency Exchanges Like Banks
Share on FacebookShare on TwitterPinShare on Reddit

Related articles

Reddit User Discovers 7zip File Possibly Linked to Julian Assange Hidden in Bitcoin Blockchain

Reddit User Discovers 7zip File Possibly Linked to Julian Assange Hidden in Bitcoin Blockchain – Bitcoin News

February 7, 2023
Law Firm Subpoenas FTX Co-Founder, Top Executives and Former Alameda CEO Over Voyager Digital Deal

Law Firm Subpoenas FTX Co-Founder, Top Executives, and Former Alameda CEO Over Voyager Digital Deal – Bitcoin News

February 7, 2023


Japan has reportedly urged other countries, including the U.S., to regulate crypto exchanges like they do banks. A top official at the Financial Services Agency explained that the recent FTX implosion wasn’t brought on by crypto technology but by “loose governance, lax internal controls, and the absence of regulation and supervision.”

Bank-Level Cryptocurrency Regulations

Japan’s Financial Services Agency (FSA), the country’s top financial regulator, has urged regulators globally to subject cryptocurrency exchanges to bank-level regulations, Bloomberg reported Monday. Mamoru Yanase, deputy director-general of the FSA’s Strategy Development and Management Bureau, was quoted as saying:

If you like to implement effective regulation, you have to do the same as you regulate and supervise traditional institutions.

The FSA has called for stronger crypto regulation following the collapse of crypto exchange FTX and subsequent fraud charges filed against its former CEO Sam Bankman-Fried (SBF). The FTX meltdown has dealt a severe blow to the cryptocurrency industry, highlighting gaps and differences in regulations worldwide.

Japan’s tough regulatory framework for crypto assets has provided a measure of protection for local investors, as they are expected to be able to withdraw their funds next month from two Japanese crypto exchanges linked to FTX.

Commenting on the failure of FTX, Yanase opined:

What’s brought about the latest scandal isn’t crypto technology itself … It is loose governance, lax internal controls and the absence of regulation and supervision.

According to Yanase, the FSA has “begun to urge” their counterparts in the U.S., Europe, and other regions to subject cryptocurrency exchanges to the same level of oversight traditional financial institutions, like banks and brokerages, are subject to.

Noting that countries may need to establish a multinational resolution mechanism to coordinate when large crypto firms fail, Yanase stressed the importance of achieving consistency in regulations worldwide.

The FSA official emphasized that countries “need to firmly demand” measures from crypto exchanges to ensure consumer protection, curb money laundering, and implement robust governance, internal controls, auditing, and disclosures. He added that regulators should also have the authority to take enforcement actions, such as onsite inspections, to ensure that crypto firms are adequately managing clients’ assets.

What do you think about Japan urging other countries to regulate crypto exchanges like banks? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

More Popular News

In Case You Missed It





Source link

Share2Tweet1PinShare
Previous Post

Ethereum Gas Fees Spike as ETH Value Rises: Average Onchain Fees Jump by More Than 50% – Altcoins Bitcoin News

Next Post

South Korea to Regularly Inspect Crypto Risks With New Monitoring Tools – Regulation Bitcoin News

Related Posts

Reddit User Discovers 7zip File Possibly Linked to Julian Assange Hidden in Bitcoin Blockchain

Reddit User Discovers 7zip File Possibly Linked to Julian Assange Hidden in Bitcoin Blockchain – Bitcoin News

by
February 7, 2023

According to a post on the Reddit community r/bitcoin, an old file was discovered that may be linked to Julian...

Law Firm Subpoenas FTX Co-Founder, Top Executives and Former Alameda CEO Over Voyager Digital Deal

Law Firm Subpoenas FTX Co-Founder, Top Executives, and Former Alameda CEO Over Voyager Digital Deal – Bitcoin News

by
February 7, 2023

On Feb. 6, 2023, law firm Kirkland & Ellis issued a subpoena to FTX co-founder Sam Bankman-Fried and top executives...

LBank Exchange Will List Fief (FIEF) on February 8, 2023 – Press release Bitcoin News

LBank Exchange Will List Fief (FIEF) on February 8, 2023 – Press release Bitcoin News

by
February 7, 2023

press release PRESS RELEASE. INTERNET CITY, DUBAI, Feb. 7, 2023 – LBank Exchange, a global digital asset trading platform, will...

FTX Bankruptcy: Judge Delays Decision on Appointing Independent Examiner Amid Cost Concerns – Bitcoin News

FTX Bankruptcy: Judge Delays Decision on Appointing Independent Examiner Amid Cost Concerns – Bitcoin News

by
February 7, 2023

Judge John Dorsey has delayed his decision on whether to appoint an independent examiner in the FTX case. At the...

Biggest Movers: GRT Hits Highest Point in 9 Months, LTC Snaps Losing Streak – Market Updates Bitcoin News

Biggest Movers: GRT Hits Highest Point in 9 Months, LTC Snaps Losing Streak – Market Updates Bitcoin News

by
February 7, 2023

The graph token surged by over 35% so far on Tuesday, as markets continued to be buoyed by the growth...

Load More
Next Post
South Korea to Inspect Crypto Risks Regularly With New Monitoring Tools

South Korea to Regularly Inspect Crypto Risks With New Monitoring Tools – Regulation Bitcoin News

Thailand Issues New Regulations on Custodied Cryptocurrencies

Thailand Issues New Regulations on Custodied Cryptocurrencies – Regulation Bitcoin News

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions.

12 − 12 =

Crypto Miracles

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics, and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency.

Categories

  • Altcoin
  • Analysis
  • Bitcoin
  • Blockchain
  • Business
  • Dogecoin
  • Ethereum
  • Guide
  • Interview
  • Litecoin
  • Market
  • Opinion
  • Press Release
  • Regulation
  • Ripple
  • Technology
  • Uncategorized

Recent Posts

  • Reddit User Discovers 7zip File Possibly Linked to Julian Assange Hidden in Bitcoin Blockchain – Bitcoin News
  • Bitcoin on-chain metrics are now bullish: Bitfinex
  • Law Firm Subpoenas FTX Co-Founder, Top Executives, and Former Alameda CEO Over Voyager Digital Deal – Bitcoin News

Newsletter

    • About Us
    • Contact Us
    • Privacy Policy
    • Terms and Conditions

    cryptomiracles.com © 2021 All rights reserved.

    No Result
    View All Result
    • Home
    • Crypto News
      • Bitcoin
      • Ethereum
      • Dogecoin
      • Litecoin
      • Ripple
      • Altcoin
      • Press Release
    • Blockchain
    • People
      • Opinion
      • Interview
    • Business
    • Technology
    • Market
    • Analysis
    • Live Price
    • Regulation
    • Guide

    cryptomiracles.com © 2021 All rights reserved.

    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.