Japan can be called a country that is known for its strict regulations against the crypto paralara. The authorities are aiming to bring the regulations to a safe crypto ecosystem in the country. Looks like the balances in Japan are likely to change this summer.
Nobuchika Mori, who has been serving as Japan Financial Service Agency (FSA) president for many years, plans to leave this summer. Mori, who won the users sympathy with crypto-money-friendly attitudes, has led many in the country to organize. After Mori's departure, there were some questions on the minds. What will change after such an ecosystem-friendly one leaves office?
Mori's Advanced Perspective Approach
For many years, we can say that Japan is a country recognized for tight capital controls and anti-money laundering policies. Officials in the country watched conservative policies for the financial sector and emerging markets. The Japanese authorities used to show no respect for the new asset class or the risk of legalizing a rising market. It was believed that criminals were prevented from allocating a platform for money laundering or criminal organizations.
However, this path, which has been followed for years, has caused some negative situations. The holding policies brought the danger of Japan being away from emerging technologies and innovations. As a result, Mori put in place a new strategy that embraces emerging markets, new technologies and new asset classes.
Many market analysts in Japan note that Nobuchika Mori's benefits to the cryptographic money market are an undeniable reality. According to most analysts, Mori realized that Japan was lagging behind China and South Korea in some technologies and reformed in FSA regulations. Analysts argue that Mori is making a forward-looking move based on this fact.
We can say that Japan has taken the lead in the world of crypto money transactions after some regulations put into effect by Mori. Japan, which has left the US and South Korea behind, now allows 62% of all Bitcoin transactions around the world. This rate is almost three times higher than in the United States. This data, which was shared by CryptoCompare on June 28, actually proves Mori's success. It is a matter of curiosity as to what happens in the market after Mori ends his mission.