Oh, great. Now they’re getting involved? Japan’s Financial Services Agency – these guys – are thinking about making companies that handle crypto for exchanges… get this… get permission first. Like, a prior notice? Is that even legal? 🙄 It’s like needing permission to breathe, honestly.
Apparently, they had a meeting – a working group, can you believe it? – on November 7th. And they decided this is a good idea. Tighten checks, they say. On the people who handle the systems. Because, you know, things might go wrong. Shocking.
Work Group Moves To Tighten Rules
Right now, the exchanges, they have rules. Strict ones! About keeping your money safe. Cold wallets and all that. But the outside companies? The ones actually doing things? Nothing. Zilch. It’s a free-for-all! So naturally, something’s gonna happen. It always does. And then they act surprised. 😤
So now they want registration. Because registration solves everything, right? That way, if something explodes, they can point fingers. “Oh, it was them! They weren’t registered!” Like that fixes the problem for the poor sap who lost all their money. Honestly.
Registration Could Raise Accountability
The group? They liked the idea. “Transparency!” they exclaimed. “Consistent standards!” It’s the same thing they always say. More paperwork, more hoops, more annoyances for everyone. You think they’re worried about my crypto portfolio? Please. 🙄
They’ll check security, incident reports, and who’s to blame when the whole thing goes south. As if knowing who to blame actually gets you your money back. It doesn’t. It just causes more aggravation.
Plans For Legal Change And A Timeline
So, they’re gonna write a report. Then change a law. The “Financial Instruments and Exchange Act.” It sounds very official. They’re aiming for 2026. 2026! That’s like, a lifetime in crypto years. By then, crypto will probably be obsolete. And then what? They’ll need another working group. 🤦♂️
Smaller vendors are complaining, naturally. More compliance, more expenses. And the bigger guys? They’re probably delighted. More barriers to entry, fewer competitors. It’s always about protecting the established order, isn’t it?
Stablecoins And Pilot Projects
Oh, and they’re into stablecoins now too. Of course. They approved one – JPYC – the yen-pegged one. And there’s a pilot program with all the major banks. I mean, come on. Banks and crypto? It’s like oil and water. It’s just… wrong. 🤨
The DMM Crypto Incident That Changed Views
Apparently, some hackers stole a ton of Bitcoin – 48 billion yen – from DMM Bitcoin. A lot of money. And it was traced back to a company called Ginco. So now they’re all worried about outsourcing. As if they weren’t all perfectly happy outsourcing before. It’s always a reaction, never proactivity. It’s infuriating! 😡
They’re saying outsourcing spreads the risk. Well, no kidding! That’s why it’s called outsourcing! You’re giving someone else your problem. But now it’s a problem they have to regulate. The bureaucracy never ends!
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2025-11-11 07:21