Nagatacho Turns Attention to the Cryptocurrency Industry as Lawmaker Alliances Form One after Another, Potentially Influencing ICO Regulations?
Rising Interest in Cryptocurrency in Nagatacho
The Nikkei reported on February 5 that in the political heart of the country, Nagatacho, where the Diet building and the Prime Minister’s Office cluster, interest in cryptocurrencies is beginning to rise.
In Nagatacho, besides the fintech caucus that supports industry development, various groups with different stances have been formed, including the “Committee for Proper Regulation of Cryptocurrency” (Chairman Seiji Kihara) advocating stricter regulation, and the “Group of Diet Members Considering Proper Use of New Currencies” (Chairman Naoki Takemoto) advocating user protection.
Not limited to parliamentary leagues, there are many requests from Diet members for briefings on cryptocurrencies, according to a senior official at the Financial Services Agency, indicating that interest in cryptocurrencies is spreading again in Nagatacho.
Mr. Akimoto envisions the growth of cryptocurrency exchange businesses as a financial service, stating that “at least twice as many firms are needed now.” Lawmakers in Nagatacho are maneuvering over the proper role of cryptocurrencies.
Every time a new technology emerges, the recurring debate is about whether to regulate or foster development. Japan and the Financial Services Agency are both working hard to maintain the balance between these approaches.
Quotation: Nikkei
Furthermore, according to Nikkei’s report, two events have been confirmed to occur in succession, clearly indicating rising interest in cryptocurrencies in Nagatacho.
- Requests from Diet members for briefings on cryptocurrencies to the Financial Services Agency
- Launch of a parliamentary group (Note 1) in conjunction with the submission of cryptocurrency-related bills to the Diet
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