The ministry of Japan is now hiring more workforce to create a strict global rule. The regulators since have expressed some concerns on the growth of cryptocurrency market government authorities are now looking forward to staff expansion. On July 21, this announcement was made with an intention to regulate cryptocurrencies especially the fiat-pegged stablecoins.

About the New Staff for stablecoins Regulations:

The news has come about the industry of crypto that has increased its attention amongst the global regulators in today’s time. There have been authorities who are quite cautious about stable coins that has been pegged to currencies like the United States dollar.

The central banks globally have been pushing central bank digital currencies and even the digital versions of national fiat currencies for maintaining the overall control on the money. Now with such regulation, BOJ's efforts on digital yen will be complemented.

One official even commented “Japan can no longer leave things unattended with global developments over digital currencies moving so rapidly,”. 

The focus of FSA Unit:

Tokyo is now looking forward to engage with the regulator of global finance to create more strict rules for the private digital currencies. As the Financial Services Agency (FSA) of the country has already create a new unit to oversee the digital currency regulation, now it is hoping to monitor the whole market of crypto.

FSA has launched this unit on July 8 as a blockchain-based form of finance that will not be particularly relying on the intermediaries of the finance anymore. 

With such change, there will be much clear view on how the overall market of the crypt shall be working altogether. In this world of tokenization, the efforts of Japan seems more in favour of crypto market.

Shivangi Mujumdar

CBW - External Analyst

INDIA