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US can follow Japan in the regulation of crypto-currency exchanges


Last week, the Japanese government and its financial regulator, the Financial Services Agency (FSA), officially authorized and licensed the work of 11 crypto-currency exchanges, including BitFlyer, the country's largest trading platform with more than 800,000 users. In a statement, Yuzo Kano, president of BitFlyer, noted that the regulation of the currency exchange and investors by the Japanese government will allow the country's crypto-currency market to become one of the leading positions in the field of trade, development and innovation.

"In Japan, there was a boom in trade both Bitcoin and other crypto-currencies. Licensing BitFlyer, which will allow it to work in the status of a registered exchange of virtual currencies, as well as the openness of the agency and its foresight - is what the lockup industry needs now, "Kano said.

You can do nothing, but you can work

Earlier this year, at the Blockchain NZ conference in Oakland, New Zealand, the expert on Bitcoin and security issues Andreas Antonopoulos noted that governments have two ways: they can either leave the crypto-currency industry alone or create a more transparent, fair and an effective business environment.
"Governments can choose the path of inaction - and there's nothing to worry about, it's better than complicating the situation, as Australia, for example, imposed a sales tax on all crypto-currency transactions (note: a bill repealing double taxation was recently introduced) . Or they can simplify the life of companies, encouraging them and creating equal conditions for all, "said Antonopoulos.
Authorization and licensing of crypto-exchange exchanges is the step of the Japanese government, demonstrating the official recognition of exchanges as regulated financial service providers that can legally operate in the country.
In less than a week, the optimistic approach of Japan's FSA to the regulation of the crypto-currency markets caused an increase in demand for Bitcoin, and as a result, the daily trading volume of Japan, in the world's largest bitcoin market, grew rapidly. The growing demand for Bitcoin also appears in the price trend of the crypto currency - the price of the crypto currency exceeded the mark of 4,470 dollars on October 2.
The US is on its heels?

At an event organized by the Federal Reserve Bank of Philadelphia, acting supervisor of monetary circulation Keith Noreika (Keith Noreika) told reporters that he did not mind that the crypto-exchange exchanges applied for banking status. Noreika also noted that he is considering the introduction of a nationwide licensing program for crypto-exchange exchanges that will abolish regional licensing, such as BitLicense in New York, and create a single regulatory framework for crypto-exchange platforms and investors.
"I will not mind if the industry representatives come to my office and express their thoughts on this program. But all this is a long process and it's not a fact that we will manage to take into account all our wishes, "Noreika said.
The US government and its financial regulators may need more time to create a single licensing program for crypto-exchange exchanges and business. However, a positive indicator of Bitcoin growth is that the US, the second-largest market for Bitcoins after Japan, is carefully considering the possibility of creating a more reliable and well-regulated environment for investors and ordinary customers.

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