Japan's New FSA Chief Stands Firm on Crypto Regulation, Calls for Push on Digital Yen

The incoming commissioner of the Financial Services Agency has said the regulator will not soften rules on cryptos.

AccessTimeIconAug 7, 2020 at 8:41 a.m. UTC
Updated Aug 19, 2021 at 3:33 a.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

The incoming chief of Japan's Financial Services Agency (FSA) has expressed reluctance to soften rules governing cryptocurrencies.

  • As Reuter's reported on Wednesday, Commissioner Ryozo Himino said the regulator was not considering taking "special steps" to promote cryptocurrency trading.
  • Himino became the head of the FSA in July when he replaced the previous commissioner, Toshihide Endo.
  • Deregulating crypto, he said, would not necessarily advance technical innovation but could increase "speculative" trading.
  • Instead, Japan should focus on the viability of a central bank digital currency (CBDC) that the country's central bank, the Bank of Japan, is currently exploring.
  • In undertaking a CBDC, Japan would need to think "really hard" about whether to issue a digital currency based on the "merits and demerits" in doing so, he said.
  • The coronavirus pandemic, the commissioner said, might prompt the faster arrival of a cashless society.
  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.