Japan is planning another attempt to persuade G7 and G20 leaders to adopt simplified crypto regulations.According to Kyodo News, the Japanese government plans to capitalize on the fact that Hiroshima will host a G7 summit in May. The host country may add items to the summit’s agenda.
It also intends to raise the issue at the G7 meeting of finance ministers and central bank chiefs in Niigata in mid-May. Top financiers’ meetings will end just before the general meeting. Tokyo also hopes to raise the issue with the G20 when finance ministers and central bank heads meet next month in Washington.
According to the media outlet, “issues associated with cryptoassets” are “likely to be on the agenda” at the G20 meeting, citing Japanese government “officials” who “spoke on condition of anonymity.” According to the news outlet, Tokyo is hoping to persuade fellow G7 and G20 members to sign a “joint declaration” that would help “protect” cryptocurrency “users.”
The Japanese government appears to believe that the mood among political and financial leaders is favorable to them. It appears to be hoping that the high-profile failure of the FTX exchange will help its case.
The crypto industry in Japan is one of the most strictly regulated in the world. The country’s cryptocurrency exchanges are subject to stringent regulations. Regulations governing the separation of client-owned assets and exchange funds, as well as strict prohibitions on unlicensed overseas exchanges, are examples of these. Some industry insiders and politicians have complained that this policy has resulted in many Japanese companies relocating overseas.
Tokyo, on the other hand, appears unfazed. At a previous G20 summit held in Japan, the government distributed a crypto regulation “manual,” urging international leaders to follow suit. Tokyo used its own watershed crypto “incidents” in the manual, citing the 2014 Mt. Gox hack and the 2018 Coincheck hack. It claimed that these incidents prompted Japan to enact its own crypto regulations, and that other countries should follow suit.
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