Japan Grants Cryptocurrency Industry Self-Regulatory Status (reuters.com) 10
Japan's Financial Services Agency (FSA) has given the cryptocurrency industry self-regulatory status, permitting the Japan Virtual Currency Exchange Association to police and sanction exchanges for any violations. From a report: The government has been reviewing its approach toward an industry that has been hit twice by large-scale thefts. The FSA approval gives the industry association rights to set rules to safeguard customer assets, prevent money laundering, and give operational guidelines. The association will also have to police compliance. "It's a very fast moving industry. It's better for experts to make rules in a timely manner than bureaucrats do," a senior FSA official said in a briefing, declining to be named. Similar officially sanctioned bodies exist in industries such as securities brokerages.
Re: (Score:2)
Don't listen to him. I bought a big pile of 5000 Dogecoins two years ago and today they're still worth exactly 5000 Dogecoins.
So, Caveat Emptor regulation (Score:2)
Given the cryptocurrency industry's solid history of self-regulation, I'd feel much safer knowing they won't be subject to burdensome government regulation.
Similar officially sanctioned bodies exist in industries such as securities brokerages.
As poorly as government oversight has been in banking and securities, the biggest boondoggles have generally occurred in their absence... looking at you, authors of the US Savings and Loans regulatory loophole and Glass-Steagall repeal advocates.
Law name (Score:2)
They might call the law Ponyatiya [wikipedia.org]