• Japan is set to ask G7 and G20 leaders to adopt streamlined crypto regulations at a summit in Hiroshima this May.
• Tokyo hopes to convince fellow members of the G7 and G20 to sign a joint declaration that would protect cryptocurrency users.
• Japan has already distributed a manual on crypto regulation at previous G20 summits, citing its own examples of Mt. Gox and Coincheck hacks as justification for stricter policies.
Japan Seeks Crypto Regulation from G7 & G20
Japan is hoping to get the attention of world leaders at the upcoming Group of Seven (G7) Summit in Hiroshima by putting forth another attempt to get them to adopt consistent crypto regulations. The country will also raise the issue with the Group of Twenty (G20) when finance ministers and central bank chiefs meet in Washington next month.
The Japanese government hopes that their proposed regulations will help protect cryptocurrency users. They are also looking into separating client-owned assets from exchange funds, as well as prohibiting unlicensed overseas exchanges in order to ensure safety and security within their own crypto industry.
At previous G20 Summits, Japan has shared a “manual” outlining their policies on crypto regulation while using incidents such as the 2014 Mt. Gox hack and 2018 Coincheck hack as proof that their efforts are necessary for protecting investors from similar events in the future.
There have been some complaints about how strict Japan’s current regulations are which has caused some companies to relocate overseas due to being unable or unwilling comply with these rules; however, Tokyo continues pushing ahead with its plan regardless of any opposition it may face.
The Japanese government plans on taking advantage of hosting this year’s Group of Seven (G7) Summit by adding items related to cryptocurrencies onto its agenda and raising these issues during finance minister meetings before the general meeting even takes place. Tokyo is hopeful that bringing up this topic once again during international events will help sway other nations towards adopting similar laws for regulating cryptocurrencies within their jurisdictions as well.