Japan wants to impose more regulation on Bitcoin

Ryozo Himino. Source: fsb.org

The new head of Japan’s main financial regulator, theFinancial Services Agency (FSA), expressed concern over cryptos, including saying that “Bitcoin deregulation” could likely “spur speculation.”

Addressing to Reuters, the FSA commissioner Ryozo Himino, who was appointed last month, said his agency “does not plan to take any specific steps in favor of cryptocurrencies.”

Deregulating Bitcoin and other cryptocurrencies will not necessarily promote technical innovation if it only increases speculative trading, ”he said.

These comments are a blow to the crypto sector in the country which has been in poor health this year. Himino has been accused of trying to convince G20 members to impose stricter and more streamlined regulations on crypto exchanges during the organization’s Japanese presidency last year.

Read also: The Central Bank of Japan sets up a “digital currency” team.

Himino also spoke of the Bank of Japan (BoJ) plans to step up its research into the central bank’s digital currency (CBDC), saying he “welcomed” the move.

He added, however, that Tokyo needed to think long and hard about the consequences of such a show. “Japan needs to think very seriously about whether to issue a CBDC, because there are pros and cons to doing so,” he said.
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