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Japan's New FSA Chief Stands Firm on Crypto Regulation, Calls for Push on Digital Yen

The incoming commissioner of the Financial Services Agency has said the regulator will not soften rules on cryptos.

Updated Sep 14, 2021, 9:41 a.m. Published Aug 7, 2020, 8:41 a.m.
Mt. Fuji from Tokyo (Sakarin Sawasdinaka/Shutterstock)
Mt. Fuji from Tokyo (Sakarin Sawasdinaka/Shutterstock)

The incoming chief of Japan's Financial Services Agency (FSA) has expressed reluctance to soften rules governing cryptocurrencies.

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  • As Reuter's reported on Wednesday, Commissioner Ryozo Himino said the regulator was not considering taking "special steps" to promote cryptocurrency trading.
  • Himino became the head of the FSA in July when he replaced the previous commissioner, Toshihide Endo.
  • Deregulating crypto, he said, would not necessarily advance technical innovation but could increase "speculative" trading.
  • Instead, Japan should focus on the viability of a central bank digital currency (CBDC) that the country's central bank, the Bank of Japan, is currently exploring.
  • In undertaking a CBDC, Japan would need to think "really hard" about whether to issue a digital currency based on the "merits and demerits" in doing so, he said.
  • The coronavirus pandemic, the commissioner said, might prompt the faster arrival of a cashless society.
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See also: Japanese Financial Giant MUFG to Launch Digital Currency in 2020

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Fintech and Crypto Firms Seek Bank Charters Under Trump Administration: Reuters

Goldman sees only two Fed rate cuts in 2025, BOfA sees extended Fed pause. (JamesQube/Pixabay)

Financial technology and crypto firms are increasingly applying for state or national bank charters, despite the community’s historical resistance to centralized banking.

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  • Fintech and crypto firms are increasingly applying for bank charters, anticipating a more favorable regulatory landscape.
  • Becoming a bank allows firms to accept deposits and lower borrowing costs but brings stricter oversight.
  • Regulatory bodies have historically approved few new bank charters, though recent signals suggest a more streamlined process.