Japan’s FSA Launches First Roundtable on Cryptocurrency, 15 Different Countries to Contribute
There were 15 countries that chose to get involved in the group, speaking about the different regulatory issues that each of these areas face in the world, though the actual countries involved were not announced. The event was called “Roundtable on supervisory oversight of crypto-assets — recent developments and challenges going forward.”
According to the agency’s description, “The roundtable brought together relevant financial supervisors and international organizations, providing a useful opportunity to share experiences and discuss issues of crypto-assets, which could contribute to strengthen international cooperation.”
When the JFSA spoke with the Bitcoin news outlet, they said,
“In the future, we want to hold this roundtable on regular basis … JFSA considers it important to share information with respective regulatory authorities and to build on supervisory cooperation in order to prevent money laundering because of the borderlessness of crypto-assets.”
Based on the results of the meeting, the participants are interested in collaborating again.
However, the point of the group isn’t to establish widespread laws or even to determine the best laws for each economy. Instead, the agency clarified, saying,
“The purpose of this roundtable is not to reach agreements on any new laws and regulations but to share information on challenges faced by respective regulatory authorities and regulatory frameworks as well as to co-operate and work internationally.”
There were four issues that came up during the discussion, including the challenge involved with crypto-related technology developments, the supervision of crypto trading platforms, and how the group could cooperate with each other. The final topic was “investor protection and market integrity.” Even though the countries involved were unlisted, it seems that India and South Korea both published reports that implied that they were working with Japan in some capacity.
On October 19th, they held their seventh session, where they spoke about derivatives trading involving cryptocurrency. Margin trading was, after all, about 80% of the transactions that occurred in cryptocurrency in Japan last year.