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Regulation

Japan Might be Over-Regulating its Thriving Crypto Market

Quick Take

  • Japan is showing signs of over-regulation, possibly swayed by a series of high profile scandals and security breaches
  • It released a proposal to simplify the process of taxing crypto returns while considering whether cryptocurrency exchanges could forfeit customer information if suspected of evading taxes
  • It granted the crypto sector with a self-regulatory status but also came out with a new regulatory framework targeted at cryptocurrency wallets

Japan was once the darling of entrepreneurs in the cryptocurrency sector, adored by crypto startups, exchange operators, and investors alike. In recent months, however, the country has begun to demonstrate signs of over-regulation, possibly swayed by a series of high profile scandals and security breaches since the 2014 Mt. Gox bankruptcy.