Blockchain Regulation: Japan Financial Services Agency Announces Government Policies Infinity Blockchain Labs

Blockchain Regulation: Japan Financial Services Agency Announces Government Policies

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December 25, 2017

Following is extracted from 2017.11 Japan Financial Regulation Policy with particular attention to blockchain regulation.

Blockchain Regulation: Japan Financial Services Agency Announces Government Policies

  1. Fintech (financial technology) progress brings drastic changes to household economies and  allows for better control of one’s assets. Along with payment sophistication, improved efficiency and productivity, the IT process can seamlessly handle a corporation’s entire financial and payment processes. Financial innovations driven by Fintech can improve user’s convenience and strengthen corporate growth which leads to economic and financial development.
  2. Fintech includes before unseen technologies such as blockchain which is the fundamental element in cryptocurrencies. Cryptocurrency exchange operation requires highly sophisticated task management, especially in regards to ensuring user’s security. Various activities are observed in the market, such as the fork of cryptocurrency for the first time since 2017. It is critical to understand the effect of these cryptocurrency developments on users. Considering the need to balance  innovation and users’ security, when watching the movement of the market it is important to monitor if an appropriate task management system has been put in place by the exchange operator. To be more specific, the exchange operator should notify users with explanations and information regarding changes in circumstances. The operator should verify whether users’ security is well prepared or not. Practical measurement to prevent fraud such as money laundering must be implemented based on appropriate risk management.
    Recently, the number of ICO (Initial Coin Offering) is increasing and the tokens released by ICO is considered as a cryptocurrency of act on settlement. In addition, regarding fraudulent ICO, the operator should alert users regarding risks of the market and exchange operators, cooperating with relevant government offices.

A version of this article originally appeared in Token News 1, a trusted news source of Infinity Blockchain Labs.
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Infinity Blockchain Labs (IBL) is a visionary blockchain research and development company engaged in intermediary and RegTech services employing blockchain technology with particular interest in blockchain regulation. We focus on forming alliances with established businesses and regulatory institutions across various industries, as well as providing collaborative incubation for early stage blockchain projects. We aspire to empower Vietnam to become a global leader in blockchain.
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