On June 28 and 29 in Osaka, Japan the G20 ministerial meeting and summit is scheduled to hold. Ahead of the events, the country has prepared a set of rules containing a list of cryptocurrency regulations to be handed out to G20 leaders and international finance chiefs.
The country is eager to regulate its cryptocurrency industry and the effect could go beyond its borders.
A Uniform Consensus By Participants
In its quest to achieve this, Japan would try to persuade the G20 countries to accept its proposed “handbook” of cryptocurrency governance proposals and justifications, with emphasis on crypto exchanges.
As per the handbook, G20 countries are persuaded to act according to an agreed international network of evenly distributed crypto regulations.
Among other high points of the manual, exchange security was of prominence which may not be unconnected with the series of losses suffered by exchanges in Japan.
Tougher Policies for Japanese Exchanges
For instance, in January Coincheck’s security was breached in a hack from which it is still recovering. The Japanese government believes this is a watershed moment for widespread exchange policies.
Furthermore, legislative amendments took place when another Japanese exchange, Zaif was hacked last September.
The country has already imposed strict regulations on exchanges making it mandatory to obtain permit for operations. This and extensive audits ensures that exchanges adhere to the highest standards in the country. According to reports, the strict procedures led to the delisting of Bitcoin Cash on SBI Virtual Currencies exchange recently.