Japan is set to share its crypto regulation guidelines with the finance ministers and central bank governors of its peer countries in the upcoming G20 summit.
According to an April 22 report by the local media Sankeibiz, the regulators of the country has already prepared a handbook which outlines measure to prevent the outflow of virtual currencies.
The G20 summit of 2019 is scheduled to take place in the Japanese city of Osaka on 28 and 29 June. Finance ministers and central bank governors of 19 countries and the European Union will join to discuss various economic issues and thus promoting international financial stability.
G20 members like China and India are hostile towards the nascent digital currency industry whereas most of the other members are struggling to impose a proper set of regulations on the sector. Japan, on the other hand, has encouraged the cryptocurrencies from the beginning and even gave them legal status.
The regulators of the country, however, came under pressure in 2018, after the attack on Coincheck, which resulted in the theft of around $530 million worth NEM tokens. After rigorous scrutiny of security and business aspects of all the exchanges operating within the country, the Financial Services Authority (FSA) has mandated all the exchanges in the country to get an operating license.
In the manual, Japan has addressed many key aspects for crypto regulations including “necessary measures to protect customer assets,” “measures against cyber attacks,” and “ways of providing information to customers.”
An old topic at G20 summit
This is not the first time any G20 member will raise the as last year the topic was discussed addressing the concerns like tax evasion, money laundering, and terror financing using crypto.
The panel also discussed crypto regulatory concerns in 2017, when .
Meanwhile, Japan is recently planning to to mitigate risks of any thefts. It has also renewed rules for crypto margin trading and set the standards as per the existing forex trading industry.
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