Japan requires cryptocurrency regulation review at G20 Summit

Posted 22 April, 2019

As the host country, Japan has the right to form the agenda of the meeting. It is noteworthy that as one of the points for discussion by the heads of financial departments of the G20, a proposal will be submitted on the formation of the basic principles for regulating the cryptocurrency market.
The Japanese government seeks to create all the conditions for effective negotiations on the creation of international rules for controlling digital assets. Tokyo strongly disagrees with the current situation, when in some countries there is a strict regulatory policy regarding the work on the cryptocurrency market, while other G20 countries are only eyeing the emerging market.

The government of Japan has developed its own set of proposals and rationales for managing cryptocurrency, in particular, concerning exchanges. Japanese financiers pointed to the need to create:

  • Systems that protect customer assets
  • International security protocols
  • Systems that provide customers with information – particularly in the event of a hack

The proposed rules describe, as an example, two large computer hacks, this happened in Japan last year: first, Coincheck in January was a watershed moment for Japanese exchange policy and Zaif in September got resulted in sweeping legislative changes. At the same time, the developers of the standard report that these events have led to a fundamental change in the policy of the country's regulators in relation to the control of cryptocurrency exchanges. Earlier, the G20 countries consulted and developed preliminary recommendations for creating a regulatory digital industry.

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