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Cryptocurrency can be legal in Japan soon, Check facts here !!

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Japan needs to be more convinced of the benefits of making cryptocurrency investments easier for its population. The country’s top regulator has said so. Financial Services Agency commissioner Junichi Nakajima said he was open-minded about the potential benefits of having an asset like bitcoin as a faster and cheaper way to send cash. They are currently being used primarily for speculation and investment, and not as a means to transfer money. He added that the new challenges are coming from the widespread of firms involved in decentralized finance, known as Defi. The price of bitcoin in India as of 10 am (IST) on August 11 was Rs 34.4 lakh.

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What did Japan’s financial regulator say on this?

“We need to consider carefully whether it is necessary to make it easier for the general public to invest in crypto assets,” Nakajima, 58, who became head of Japan’s financial regulator last month, said in an interview. While investors now have multiple ways to invest in a growing asset class, Japan is comparatively fairly restricted. Japan’s FSA set up a study group of outside experts in July and is expected to consider regulatory responses to Defi in the coming months. Because investors are also looking to Nakajima for signals on this outlook.

Who was involved in creating Japan’s first regulatory framework on cryptocurrency assets?

Nakajima was involved in creating Japan’s first regulatory framework on cryptocurrency assets, including requiring exchanges to register in 2017. Following a massive coin theft at Tokyo-based exchange Coincheck in 2018, the country has tightened security.

Conflict of exchange

Nakajima said the current regulatory framework on crypto exchanges has been effective in customer protection and anti-money laundering, with many of the 31 registered exchanges struggling financially, he said. His business situation is “rather difficult,” he said. Gary Gensler, chairman of the Securities and Exchange Commission in the US, said that regulating crypto exchanges would make it more important for the government to have immediate control over digital token trading.

Current Cryptocurrency trends

Crypto Price % change
1 Bitcoin $45,500.71
−0.24
2 Ethereum $3,154.99
1.45
3 Binance Coin $378.73
8.03
4 Tether $1.00
0.01
5 Cardano $1.70
16.41
6 Dogecoin $0.26
3.68
7 XRP $0.88
9.30
8 Polkadot $21.02
3.00
9 USD Coin $1.00
0.01
10 Uniswap $29.31
1.42

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