The next G20 Summit is due to be held by Japan – the country leading the way in the crypto regulation space. The host nation gets to decide the majority of the lineup for the talks and discussions that leaders from the most powerful 20 countries in the world will attend. Unsurprisingly, Japan is going to push the crypto regulation agenda to coerce more nations to follow suit and develop robust crypto regulations, helping the industry move forward.
Focusing on Security
Prime Minister Shinzō Abe and his trusted cabinet members will be focusing their time on addressing the concerns surrounding safety – something that is very close to Japan’s heart. Japan has been home to some of the largest crypto hacks and thefts the crypto world has ever seen. Mt. Gox kicked off the party with more than 850,000 BTC going missing from the exchange. Since then there has been a barrage of hacks and thefts from crypto exchanges in the country, something Japan’s new crypto regulations seek to address. Abe and his team are hoping to make other nations see the light in regulation the crypto space so that investors are kept as safe as possible.
Cryptographic Assets, Not Virtual Currencies
In a recent press conference, Deputy Prime Minister and Finance Minister Tarō Asō said that Japan would be renaming the cryptocurrency asset class from “Virtual Currencies” to “Cryptographic Assets” in a bid to avoid confusion with other fiat currencies. Currently, all online transactions and card payments are done using “virtual currencies” so to speak, as no cash notes change hands – making fiat virtual as well in many ways. This is another point Japan will be pushing to the G20 leaders.
New Regulations Coming Up
Having a Japanese crypto license is one of the most prestigious regulatory stamps of approval a project or exchange can get. However, Japan is once again rebuffing its crypto regulations to make the process much stricter and therefore much safer for investors. Japan will be unveiling its new regulations at the G20 Summit, and pushing the amendments live in the following weeks. This will give other G20 leaders an insight into what makes for a good set of crypto regulations, so that other nations can follow suit in securing the industry.
The G20 leaders will arrive in Japan for June 28th. It’s going to be an action-packed summit filled with talks about crypto regulation, security, and other pressing global matters. In the aftermath of the summit, we could see other G20 nations either declaring they will be working on crypto regulations or banning them all together – either way, this event could have major crypto implications.