Source: natatravel/AdobeJapan is ready to make another attempt to convince the G7 and G20 leaders to adopt simplified crypto regulations.
According to Kyodo News, the Japanese government should take advantage of the fact that it will host a G7 summit in Hiroshima in May. Host countries can add items to the summit agenda.
He also wants to raise the issue at the G7 meeting of finance ministers and central bankers in Niigata in mid-May. The best financiers will conclude their meetings just before the general assembly.
And Tokyo also hopes to raise the issue before the G20, when finance ministers and central bank chiefs meet in Washington next month.
Citing Japanese government “officials” who “spoke on condition of anonymity,” the outlet reported that crypto-asset-related issues were “likely to be on the agenda during the G20 meeting.
The outlet reported that Tokyo hopes to convince other G7 and G20 members to draft a "joint statement" that would help "protect" cryptocurrency "users."
Japan to Lobby G7 and G20 for Crypto Regulation, Again
The Japanese government seems to be hoping that the spirit of the times among political and financial leaders is in its favor. And he seems to be hoping that the highly publicized crash of the FTX exchange will help his case.
The Japanese crypto industry is one of the most regulated in the world. Cryptocurrency exchanges in the country are subject to a strict set of rules. These include regulations controlling the segregation of assets held by clients and exchange funds, as well as strict prohibitions on trading abroad without a license.
Some industry insiders, as well as high-profile politicians, have complained that the policy has led many Japanese companies to move abroad.
But Tokyo does not seem to be discouraged. At a previous G20 summit held in Japan, the government circulated a crypto regulatory “playbook,” urging international leaders to adopt similarly stringent regulatory policies.
In the manual, Tokyo gave the example of its own landmark crypto "incidents": the 2014 Mt. Gox hack and the 2018 Coincheck hack. It claimed these incidents prompted Japan to implement its own crypto regulations, suggesting that other nations should follow suit.