By Lucas Williams
Since the cryptocurrency industry picked up the pace, many countries with top economies have started observing higher crypto-influx within their jurisdictions. When it comes to welcoming cryptocurrencies, there were countries such as China, Japan, South Korea, Nigeria, and many more who did it faster than any other country.
However, these countries have also faced one major problem, which is a rise in crimes and money laundering activities pertaining to cryptocurrencies. Witnessing a surge in such crimes, the regulatory authorities from these countries have started taking strict actions.
At present, the pain point for these countries is money laundering cases and information data. Therefore, the regulators are doing whatever steps they can take in order to control the situation and run the industry the way they want to run it.
Japan has recently demonstrated that it is ready to take strict actions such activities and put a stop to them once and for all. Therefore, the country has decided to expand its efforts not only within the country but also outside of its jurisdictions.
The reports suggest that the Japanese regulatory authorities are aiming to strengthen their regulatory infrastructure as well as hold around the cryptocurrency industry. They are aiming to globalize their efforts for the streamlining of the industry, making it a safe and secure platform for global users.
It has been revealed that the regulatory authorities in Japan are reportedly increasing the number of their staff. This is mainly because the regulators now want to have more teams and members looking into such cases. They are aiming to scrutinize the cryptocurrency industry on a large scale and they need more members to do this.
The Japanese regulators have revealed that they are aiming to increase their teams as well as working on new rules surrounding cryptocurrencies. They are going to strengthen the regulatory infrastructure against cryptocurrencies with the introduction of stricter rules.
Over time, the regulatory authorities from Japan have grown very concerned about the cryptocurrency industry’s growth. At present, the major concern among the Japanese regulators is the fast adoption rate of stablecoins.
Therefore, the G20 and G7 group regulators in Japan are now demanding stricter rules against private digital currencies. Apart from strict rules, the regulatory authorities would also increase the strength they have to monitor and scrutinize cryptocurrency activities.
Apart from the local cryptocurrency firms and investors, the regulators would also keep a close eye on international crypto firms. They would ensure that they scrutinize such firms to ensure they are under control and strict actions are taken against them with non-compliance of regulations.
This way, the Japanese regulatory authorities would keep the situation under control and make sure that firms from around the world know someone is watching their activities on a regular basis.