The United States authorities can also follow the roadmap of Japan in regulating buying and selling activities around digital currencies including bitcoin and Ethereum. Remaining week, the Japan’s authorities and its monetary regulator the financial services agency officially authorized and certified eleven digital currency exchanges, which includes BitFlyer, the United States’ biggest buying and selling platform with more than 800000 kliendid.
Yuzo Kano, the chief executive officer at BitFlyer, cited that the established order of realistic policies for digital currency exchanges and traders by the Japan’s authorities might permit the country’s digital currency marketplace to put itself at the epicenter of worldwide digital currency trading, improvement, and innovation.
Yuzo Kano stated:
“Japan has been exploding with demand for each bitcoin buying and selling in addition to digital currency offerings. The financial services agency’s approval for bitFlyer to function as a Registered digital currency trading platform, and the agency’s openness and forward thinking regulation couldn’t come at a better time for the blockchain area.”
During this year, on the Blockchain New Zealand conference held in Auckland bitcoin and security professional Andreas Antonopoulos defined that governments can both leave the digital currency trading area as is or create a more obvious, honest, and efficient surroundings for organizations.
Andreas Antonopoulos said:
“Governments can select to either do nothing – that is ok; make things worse for digital currency exchange – like what Australia did by enforcing income taxes on all digital currency transactions; or they can make things less difficult for firms by reining within the banks and inspiring organizations by developing a level playing field.”
By authorizing and licensing digital currency exchanges, the Japan’s government has officially identified digital currency exchanges as regulated economic service providers, permitting the organizations to completely perform as legal economic organizations within the Japan. juba, within much less than a week, the positive approach from Japan’s financial services agency in regulating digital currency markets has caused an growth in demand toward bitcoin and as a result, the everyday buying and selling quantity of Japan, the biggest bitcoin and digital currency exchange marketplace in the world, has risen at a speedy rate. The increasing demand toward bitcoin is likewise obvious within the price trend of bitcoin, because the bitcoin price passed the $4470 mark on October 2.
At an occasion hosted by the Federal Reserve Bank of Philadelphia, performing Comptroller of the currency Keith Noreika stated that he’s open towards digital currency exchanges applying for bank status. Noreika additionally mentioned that he’s thinking about the imposition of a national licensing software for digital currency exchanges, removing regional licenses including New York’s BitLicense and releasing a unified regulatory framework for digital currency exchange platforms and traders.
Keith Noreika said:
“I wouldn’t be adverse to those people coming in and speaking to the office of the Comptroller of the currency about how a constitution could make sense for them. aga, that is a long way they’d need to undergo, and due to you get inside the door doesn’t suggest you’re going to get out the door on the alternative side.”
It could take a longer period for the United States authorities and its monetary regulators to provide unified licensing programs for digital currecny and bitcoin exchanges and bitcoin organizations. aga, it is a positive indicator of bitcoin increase that the United States, the second biggest bitcoin trading marketplace after Japan, is thinking about developing an improved and properly regulated marketplace for traders and purchasers.