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Could strict regulations in Japan see crypto mature?
- According to a new report, fresh faces in the crypto space are likely to benefit from the strict regulations put in place in Japan.
- One prominent game developer, Double jump.tokyo has brought Japanese law firm, So & Sato who specialise in blockchain and digital assets.
According to a new report, fresh faces in the crypto space are likely to benefit from the strict regulations put in place in Japan.
One prominent game developer in the industry responsible for entries such as My Crypto Heroes, Double jump.tokyo has brought in a Japanese based law firm, So & Sato who specialise in blockchain and digital assets such as bitcoin.
At the end of last month on the 31st of March, the Lowe company released a report that looked over all aspects of cryptocurrency in the nation. This includes things such as crypto derivatives and tokenised securities.
Two of the attorneys for the company, Joerg Schmidt and So Saito spoke in an interview with Cointelegraph Japan where they explained that local regulations for platforms relating to crypto are significantly stricter than in most other countries around the world. Despite this, they said that it would be beneficial in the long run because it encourages the traditional finance sector to get more involved in the market. They said:
“The market is highly regulated in Japan. What seems to be a regulatory overkill, at first sight, is likely to help the market to mature in the mid to long term. This will allow more institutional players to enter the market and to increase their stake in the digital asset space.”
When it comes to regulation in Japan, all the laws typically fall under the payment services act and the financial instruments and exchange act. With both of these acts, amendments were passed which made the existing regulations significantly stricter and are set to come into Japanese life next month in May.
Under these new regulations, platforms in China must employ third-party operators in order to keep hold of their users' money. This was so it is separated from their own cash flow.
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!
