Thursday, March 8, 2018

Current issues around Bitcoin regulation in Japan

The price of Bitcoin is seesawing.

After the catastrophe occurred in January, the price has not touched a higher range. The line of 10,000 USD is vulnerable. On the other hand, the fear that the price of Bitcoin falls through the zone miners cannot gain the reward to compensate the mining cost (around 7,000 USD) is decreasing.

Recently, CoinCheck, a famous Japanese trading post of cryptocurrency was cracked and billions of NEM were stolen. The perpetrators were not arrested. It is said that stolen NEMs is tracked. Someone says they were sent to other trading posts. It causes fear to buy dirty NEM accidentally, leading to the fall of the value of NEM.

Financial Service Agency of Japan took administrative guidance to some trading companies, yesterday. FSHO and BitStation were given a business suspension order. Also, Techbureau, GMO Coin, Bicrements, Mr. Exchange, CoinCheck were given an order for business improvement.

FSA had been investigating all organizations registered as a cryptocurrency trader. Subjects of administrative guidance will lose the trust of customers.

Also, FSA commented to prohibit Japanese from taking a role of ICO in foreign nations. ICO was spread as an easy way of gaining cash for startups. But there are many tricky or malicious invitations to ICO. Although all investments should be done by yourself, many people claim the necessity of some regulation for ICO.

I believe FSA is struggling to establish safe and effective dealing of cryptocurrency for the prosperity of Japan. Japan is proceeding on this issue. I hope a constructive decision will be made.

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