- MOF considers increasing staff focusing on digital currencies
- FSA creates section overseeing ‘decentralised finance’
- Move reflects regulators’ concern on surge in new forms of money
- Regulation would complement BOJ’s efforts on digital yen
TOKYO, July 16 (Reuters) – Japan is beefing up its diplomatic efforts to regulate digital currencies globally, three officials told Reuters, a sign of the government’s growing alarm that a proliferation of new forms of private money could upend the financial system.
Tokyo is playing catch-up in a global debate among financial regulators about setting stricter rules on private digital currencies.
Regulators from the Group of Seven industrial powers and the Group of 20 big economies have called for greater regulation of “stablecoins” – a form of cryptocurrency typically pegged to a national currency.
To deepen dialogue with their counterparts, Japan’s Financial Services Agency (FSA) last week established a…