A crypto-sympathetic official has been named as the next leader of Japan`s Financial Services Agency. Jiji Press reported on July 7 that the Japanese government has decided to appoint Ryozo Himino to the next commissioner of Japan's Financial Services Agency (FSA). The official announcement will be made this month. Cointelegraph has reached out to FSA to confirm the news but has not received replies yet. Himino, currently the International Financial Deputy Counselor, is known on the international stage. Last September, he became the first Japanese Chairman of the Standing Committee of the Financial Stability Board (FSB). FSA’s new leader and …
A Japanese judge ruled in support of data tampering charges moved against Mark Karpeles — the CEO of now-defunct crypto exchange, Mt. Gox. At the end of March, Karpeles appealed his conviction on charges of having tampered with financial record data to harm his clients. Now, local news outlet Nikkei reported on June 11 that Tokyo District Court Judge Mariko Goto decided to uphold the previous ruling. Karpeles sentenced to over 2 years in jail The previous ruling sentenced Karpeles to two and a half years in jail for tampering with Mt. Gox data for February-September 2013 and depositing $33.5 …
Ryozo Himino, the new commissioner of Japan's Financial Services Agency, says the agency is wary of deregulating private cryptocurrencies. Noting that the COVID-19 pandemic could accelerate the transition to a cashless society, Himono instead emphasized the potential role of central bank digital currencies (CBDC) to spearhead innovation in digital payments. “Deregulating Bitcoins and other cryptocurrencies may not necessarily promote technical innovation, if doing so simply increases speculative trading,” he told reporters on Aug. 5. Japan should think "really hard" about whether to issue a CBDC Himono — whose proactive engagement with cryptocurrencies has been welcomed by voices in the industry …
Central banks should develop a deeper understanding of the consequences of issuing a digital currency, according to a Bank of Japan official. According to Reuters on Feb. 27, Bank of Japan Deputy Governor Masayoshi Amamiya explained that central bank digital currencies (CBDCs) could streamline settlements and facilitate private money flows, but also stifle private financial innovation and banks: “When countries consider issuing central bank digital currencies, they must conduct a comprehensive study on how it affects their settlement and financial systems.” CBDC less urgent in advanced economies Amamiya noted that — unlike emerging economies — Japan could not and can …
Japan is moving forward with legislation regarding the issuance of stablecoins, i.e., digital assets with their value pegged to fiat currencies or stabilized by an algorithm. On Friday, Japan’s parliament passed a bill to ban stablecoin issuance by non-banking institutions, local news agency Nikkei reported. The bill reportedly stipulates that the issuance of stablecoins is limited to licensed banks, registered money transfer agents and trust companies in Japan. The new legislation also introduces a registration system for financial institutions to issue such digital assets and provides measures against money laundering. According to the report, the bill aims to protect investors …