Japan has been working on regulating crypto for the past few years while at the same time hoping to create a balance between consumer protection and tech innovation.
The country created some stringent guidelines for the exchanges and ICOs that are operating inside, and it also published complex reports on scam ICOs and crypto-related fraud to bring awareness to people.
Just recently the National Police Agency began using new software in order to be able to trace transactions from wallets that are suspected to have been used in crimes.
Japan has been strict in its rules regarding crypto, but on the other hand, the government seems quite positive about the technology itself.
NEO met with Japan’s Finance Minister and former Sony president
NEO is included in a lengthy list of projects that are trying to base their projects in Japan.
The NEO team released their Global Development Report for August.
The report revealed that there had been a meeting between the NEO delegation and the founder himself Da Hongfei and Tarō Asō, the Japanese Minister of Finance and State Minister for Financial Services.
The report claims that this meeting went very well and the project was even praised for its successful Delegated Byzantine Fault Tolerance (dBFT) consensus mechanism, which eschews mining, unlike Bitcoin.
It’s interesting to note that Bitcoin consumes more electricity than Denmark itself.
The meeting was over with the minister being really optimistic regarding future negotiations with NEO. He also expressed a desire to explore potential cooperation between NEO and the local authorities.
While the NEO team was in Japan, they also met with various tech industry leaders which included former Sony president Nobuyuki Idei.
The meetings mirror a bright future for NEO in Japan
There haven’t been created any contracts during these meetings so there will not be any new partnership popping up anytime soon.
But in the long-term, this is definitely a growth potential for NEO and its ecosystem, and it’s more than likely that future partnerships are on their way.
