Regulation in the crypto space is a really spiny subject, but this is necessary to boost trust among potential investors and to trigger the mainstream adoption of crypto.
Japan beefs up efforts to regulate digital currencies
Now, it’s been just revealed that Japan is beefing up its diplomatic efforts to regulate digital currencies globally, as the press agency Reuters reported.
This is what three officials told Reuters, and it’s a sign of the government’s growing alarm that a proliferation of new forms of private money could upend the financial system.
It’s been also reported that Tokyo is playing catch-up in a global debate among financial regulators about setting stricter rules on private digital currencies.
“Regulators from the Group of Seven industrial powers and the Group of 20 big economies have called for greater regulation of “stablecoins” – a form of cryptocurrency typically pegged to a national currency,” Reuters notes.
It’s been also reported that Japan’s Financial Services Agency (FSA) last week established a section to oversee digital currency regulation.
It’s also important to note the fact that while the Ministry of Finance is considering increasing staff, the officials said on condition of anonymity due to the sensitivity of the matter.
“Japan can no longer leave things unattended with global developments over digital currencies moving so rapidly,” one official said. Check out Reuters’ complete notes in order to learn more details about the issue.
Bitcoin supply shock
The Bitcoin supply shock has been an exciting issue that has been debated in the crypto space for a while now,
Now, the online publication the Daily Hodl notes that SkyBridge Capital’s co-chief investment officer Troy Gayeski just said that Bitcoin would go through a supply-side crisis similar to what happened last year when BTC kicked off its bull market.
Stay tuned for more news from the crypto space.