Japanese Watchdog Urges the US and EU to Regulate Crypto like Traditional Banks

Jan 17, 2023

https://liquidity-provider.com/app/uploads/2023/01/japanese_whatchdog.jpg

The Japanese regulator has called for stricter oversight of cryptocurrency in a bid to bring it in line with rules governing traditional banking. The plea to regulators follows the failure of Sam Bankman-Fried's FTX crypto asset exchange.

"Cryptocurrencies have become this big," said Mamoru Yanase, deputy director-general at the Financial Services Agency. "Regulation must be implemented similarly to the way conventional institutions are supervised and regulated."

The crypto sector has taken a hit after the bankruptcy of FTX and fraud charges against the FTX CEO Bankman-Fried, highlighting the gaps in global crypto asset regulation. However, investors in Japan have been shielded from the worst of it due to the country's stringent investor protection rules.

The Financial Services Agency of Japan granted Japanese investors the right to withdraw cash from FTX's domestic affiliate as early as February.

"Cryptocurrency technology isn't what created the latest controversy," added Yanase, who is also a former banking regulator. "It is the result of inadequate governance, weak control mechanisms, and lack of oversight and regulation."

Yanase stated that the Japanese regulatory agency has called on regulators in other countries to supervise virtual currency exchanges similarly to financial institutions and brokerage firms.

His country has been proposing a stricter regulatory framework via The Financial Stability Board – an international entity that is now looking at crypto governance.

In the US, the SEC has announced plans to crack down on digital asset exchanges, whereas the German supervisory authority is pushing for global regulations to protect economic stability. And the central bank of Singapore wants to protect retail customers from the volatility of virtual assets.

According to Yanase, countries should require crypto exchanges to ensure their customers are protected and to prevent money laundering, in addition to the implementation of effective governance practices, systems for internal control, and disclosure of financial data.

Additionally, authorities should be able to take certain measures, such as inspecting these companies on-site to ensure they use offline wallets with client funds responsibly.

The creation of an international dispute-resolution system might be needed in the event of a collapse of a large crypto company, he added. The key question of the discussion of global regulation issues may be how to ensure a sequence of actions, starting with island states and ending with global financial centers.

Subscribe Our Newsletter

Great News For Crypto Options Trading. Once Supported by SBF's FTX Crypto Organization Is Making a Return.

Milena

Great News For Crypto Options Trading. Once Supported by SBF’s FTX Crypto Organization Is Making a Return.

The Association for Digital Asset Markets is searching for a pioneer in crypto options trading. The group is attempting to resurrect itself in the midst of a regulatory crackdown on cryptocurrency.

Crypto
Wall Street Recommends to Get These 4 Stocks Hurt by Bank Failures.

Milena

Wall Street Recommends to Get These 4 Stocks Hurt by Bank Failures.

These are four equities that Wall Street advises purchasing, despite all of the headlines regarding bank bankruptcy.

Stocks
Liquidity Provider

What is Initial DEX Offering (IDO)?
The creation of the initial DEX offering (IDO), one of various unique means of fundraising, is a result of the maturity of the cryptocurrency market as a whole.

discover
What is Prime of Prime Liquidity?

Liquidity Provider

What is Prime of Prime Liquidity?

Let's find out why can’t brokers function without liquidity aggregation, what are the types of liquidity providers and what is Prime of Prime liquidity.

Liquidity

Contact Us

Contact the Liquidity Provider
for any questions and advertising inquiries b2broker

    Please fill out this contact form to get in touch with us

    / 3000

    By clicking “Get in touch” button, you agree to the privacy policy

    Successful!
    Thank you for your request.
    We will contact you shortly.
    Close

    Alexander

    How Strong is The US Economy Today?

    How Strong is The US Economy Today?

    Alexander

    How Do Crypto Liquidity Pools Work in 2023-2024?

    How Do Crypto Liquidity Pools Work

    Alexander

    What Is The Wheel Strategy in Trading?

    What Is The Wheel Strategy in Trading?

    Alexander

    How to Choose a Forex Liquidity Provider in 2023?

    How to Choose a Forex Liquidity Provider in 2023?

    Alexander

    5 Best AI ETFs for 2023-2024

    5 Best AI ETFs

    Alexander

    What Is an Investment Priorities Plan?

    Investment Priorities Plan - Definition

    Alexander

    What is a Token Maker? – Creating Your Own Crypto Token Without Coding Skills

    What is a Token Maker? – Creating Your Own Crypto Token Without Coding Skills

    Alexander

    How Many Days a Year the Stock Market Is Up? – An Investor’s Guide to Long-Term Success

    How Many Days a Year the Stock Market Is Up?

    Alexander

    Invest $100 and Make $1,000 a Day: Best Strategies to Grow Your Money

    Invest $100 and Make $1,000 a Day: Best Strategies to Grow Your Money

    Alexander

    Is Real Estate Investment Trusts a Good Career Path? — Opportunities in 2023

    Is Real Estate Investment Trusts a Good Career Path?

    Alexander

    Is Day Trading Gambling? Most Likely Yes

    Is Day Trading Gambling? Most Likely Yes

    Alexander

    Where to Exchange Currency Without Paying a High Fee — Planning Your Travel Beforehand

    Where to Exchange Currency Without a High Fee

    Alexander

    Is Infinite Banking a Scam? Unveiling the Truth Behind the Concept

    Is Infinite Banking a Scam? The Truth Behind the Concept

    Alexander

    The Dollar Milkshake Theory: Could the US Dollar Become Even Stronger?

    The Dollar Milkshake Theory: Could the US Dollar Become Even Stronger?

    Alexander

    Why “Skip the Latte” is Poor Financial Advice

    Why "Skip the Latte" And "Cancel Netflix" Is Bad

    Alexander

    Is Now a Good Time to Invest? Exploring Investment Opportunities in 2023

    Exploring Investment Opportunities in 2023.

    Alexander

    Best Bitcoin Wallets in 2023: Comparing Features, Security, and Usability

    Best Bitcoin Wallets in 2023

    Alexander

    Top Rising NFT Artists to Watch Out for in 2023 And Beyond

    Top Rising NFT Artists to Watch Out for in 2023

    Alexander

    Insuring Your Future: What Type of Insurance to Buy?

    Insuring Your Future: What Type of Insurance to Buy

    Alexander

    Is IUL a Good Investment Strategy? — A Guide for Beginner Investors

    Is IUL a Good Investment Strategy? — A Guide for Beginner Investors

    Alexander

    Are Crypto Wallets Safe? — Tips to Ensure Maximum Protection of Your Digital Assets.

    Are Crypto Wallets Safe? — Tips to Ensure Maximum Protection

    Alexander

    Roth IRA Guide: What It Is and What You Need to Know.

    Roth IRA Guide: What It Is and What You Need to Know

    Alexander

    From Gold to Index Funds and Crypto: Where to Invest in 2023 for Long Term?

    From Gold to Index Funds and Crypto: Where to Invest in 2023

    Alexander

    Understanding Algorithmic Trading: A Guide for Beginners

    Understanding Algorithmic Trading: A Guide
    Latest News - Liquidity Provider: Business & FinTech Media
    • News
      • Stock Market Forecast
      • Stocks
      • Banks and Finance
      • Companies
      • Crypto
      • Forex
      • AI
      • Technology
      • DeFi
      • NFT
    • Articles
      • Crypto Payments
      • Trading
      • Crypto Exchange Business
      • Forex Business
      • Fintech
      • Liquidity
      • FinTech Awards
      • Blockchain
      • Investing
      • NFT
      • DeFi
    • More
      • Videos
      • Liquidity Providers List
      • Crypto Payment Providers
    [email protected]

    © 2023 Liquidity Provider. All Rights Reserved

    Privacy Policy Cookie Policy
    This site is registered on wpml.org as a development site.