• News
    • Stocks
    • Banks and Finance
    • Companies
    • Crypto
    • Forex
  • Videos
  • Articles
    • Forex CRM
    • Crypto Payments
    • Trading
    • Crypto Exchange Business
    • Forex Business
    • Fintech
    • Liquidity
    • FinTech Awards
  • Liquidity Providers List
  • Crypto Payment Providers

Dark Theme

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

Jan 17, 2023

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

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

TIME Magazine Adds ETH To Its Balance Sheet, Joins Metaverse
TIME Magazine Adds ETH To Its Balance Sheet, Joins Metaverse

TIME, a well-known American news organization and magazine, has been flirting with breaking into the cryptocurrency market in some way for the past year, but it took the first step through the metaverse.

Crypto
NFT Market Hit by FTX Collapse: Overall Sales Dropped by 20% in November

Alexander

NFT Market Hit by FTX Collapse: Overall Sales Dropped by 20% in November

NFT sales declined across the top five markets in November, impacted by macroeconomic factors and FTX's collapse.

Crypto
Constantine

Top 7 Liquidity Providers of 2022
People and institutions have traded on the Forex market for a long time because of its relation to fiat trading pairs. However, despite cryptocurrency's quick ascent, traders found a whole new spectrum of applications for the digital money they were utilizing.

discover
How Forex Brokers Make Money? – A-Book vs. B-Book Model

Oliver

How Forex Brokers Make Money? – A-Book vs. B-Book Model

A foreign exchange (Forex) broker is a firm whose purpose is to connect traders and investors to a specialized platform where foreign currency can be bought and sold.

Forex Business

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

    Alexander

    Full Bitcoin Price History: From 2009 to 2022

    https://liquidity-provider.com/app/uploads/2023/01/cover-11-300x203.png

    Constantine

    Top 5 Most Reliable KYC Technology Providers

    https://liquidity-provider.com/app/uploads/2023/01/cover-10-300x203.png

    Alexander

    The Best Crypto Wallets of 2022: Top 5 Picks

    https://liquidity-provider.com/app/uploads/2023/01/cover-2-300x203.png

    Alexander

    Top 5 Most Reliable Forex Brokers of 2022

    https://liquidity-provider.com/app/uploads/2023/01/cover-1-300x203.png

    Constantine

    5 Top-Tier Breakthrough Trading, Crypto and Fintech Industries Software Solutions in 2022

    https://liquidity-provider.com/app/uploads/2023/01/cover-300x203.png

    Constantine

    5 Most Successful FinTech Industry Startups in 2022

    https://liquidity-provider.com/app/uploads/2022/12/cover-300x203.png

    Constantine

    Top 7 Liquidity Providers of 2022

    https://liquidity-provider.com/app/uploads/2022/12/liquidity-provider-3-300x203.png

    Alexander

    Top 5 Crypto Exchanges of 2022

    https://liquidity-provider.com/app/uploads/2022/12/liquidity-provider-1-300x203.png

    Constantine

    Top 5 Most Distinguished White Label Solutions in 2022

    https://liquidity-provider.com/app/uploads/2022/12/liquidity-provider-2-300x203.png

    Constantine

    What is Crypto Leverage Trading And How Does It Work?

    https://liquidity-provider.com/app/uploads/2022/12/oblozhka-5-300x203.png

    Constantine

    Top 5 Most Prospective Tokens in the Metaverse.

    https://liquidity-provider.com/app/uploads/2022/12/cover-7-300x203.png

    Constantine

    How to Mine Bitcoins? – Beginners Guide

    https://liquidity-provider.com/app/uploads/2022/11/cover-5-300x203.png

    Oliver

    Blockchain for Business. Pros & Cons

    https://liquidity-provider.com/app/uploads/2022/11/oblozhka-1-300x203.png

    Constantine

    The Future of Stablecoins and Central Bank Digital Currencies (CBDCs)

    https://liquidity-provider.com/app/uploads/2022/11/cover-3-300x203.png

    Alexander

    What is Web 3.0 and Why Does it Matter?

    https://liquidity-provider.com/app/uploads/2022/11/cover-1-300x203.png

    Constantine

    5 Benefits of Accepting Crypto Payments for Your Business

    https://liquidity-provider.com/app/uploads/2022/11/cover-300x203.png

    Constantine

    Hot Wallet vs Cold Wallet: Which Do I Need More for Crypto?

    https://liquidity-provider.com/app/uploads/2022/11/oblozhka-5-300x203.png

    Alexander

    What is Hedging and How Does it Work in Trading? — Ultimate Guide

    https://liquidity-provider.com/app/uploads/2022/10/oblozhka-4-300x203.png

    Oliver

    Pre-execution vs Post-execution: What’s the Difference?

    https://liquidity-provider.com/app/uploads/2022/10/oblozhka-1-300x203.png

    Constantine

    What is Slippage in Trading? – Definition

    https://liquidity-provider.com/app/uploads/2022/10/shapka-1-1-300x203.png

    Oliver

    How Forex Brokers Make Money? – A-Book vs. B-Book Model

    https://liquidity-provider.com/app/uploads/2022/10/shapka-2-300x203.png

    Oliver

    What is the Ethereum Merge, And How Will it Change Ethereum?

    https://liquidity-provider.com/app/uploads/2022/10/shapka-1-300x203.png

    Alexander

    How to Spot Cryptocurrency Scams

    https://liquidity-provider.com/app/uploads/2022/10/shapka-300x203.png

    Milena

    Exploring the Metaverse: What Does It Mean for the Future of the Internet?

    https://liquidity-provider.com/app/uploads/2022/10/oblozhka-300x203.png
    • News
      • Stocks
      • Banks and Finance
      • Companies
      • Crypto
      • Forex
    • Articles
      • Forex CRM
      • Crypto Payments
      • Trading
      • Crypto Exchange Business
      • Forex Business
      • Fintech
      • Liquidity
      • FinTech Awards
    • More
      • Videos
      • Liquidity Providers List
      • Crypto Payment Providers
    [email protected]

    © 2023 Liquidity Provider. All Rights Reserved

    Privacy Policy Cookie Policy