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Japanese attitude to cryptocurrencies

11/22/2018
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  • japanese_cryptocurrencies
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Japanese authorities are among the first to legalize the blockchain technology and have developed a regulatory framework for the use of cryptocurrencies. This gave its results, and the country is rightfully considered one of the leaders in this direction. However, even here there are segments that need improvement.

Regulation of crypto wallets

One of the most difficult problems now is the security of storing coins. According to experts, it is not allowing large investors to connect to the buying process. For the Japanese, this is also an important issue that requires a quick decision.

The exchange operations in the country are carried out by 16 licensed sites united in the association of cryptocurrency exchanges JVCEA. All of them operate under the control of the Japan Financial Services Agency (FSA) and provide maximum protection for clients.

However, the process of storing coins completely fell out of the legal field. And it is here that most unpleasant situations are happening now. Since there are no exchange operations on storage platforms, the activities of such companies are not influenced by the FSA.

The problem has become too acute, and a special commission has been created to solve it. No deadlines have been announced as to when exactly the decision will be made on the rules for the provision of virtual coin storage services. However, it is already known that under the new rules all companies will have to get permission from the FSA or stop working.

Blockchain training

Much attention in Japan is paid to the training of specialists in the blockchain. Over the past year, the number of vacancies in the industry has increased by 300%, which causes personnel shortages. Opening a new course at Tokyo University, the country's largest university, will partially help solve the problem.

The program was named "Blockchain Innovation Donation Course". It has already begun to operate since November 2018. Here they prepare future businessmen in the field of cryptocurrency and blockchain. The course will last three years, and during this time highly qualified specialists will be trained.

It is noteworthy that its creation was financed from the funds of commercial organizations. Philanthropists have already donated $ 800,000 to this.

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