Categories
Japanese JFSA prohibits Crypto-Currency Investment from foreign countries
Japan has set new Regulation on Crypto-Currency market.
This April 2017, the Japanese financial regulatory authority, JFSA has published a leaflet online.
The leaflet is about the “New Regulation about Cryptocurrency”.
No Foreign FX or Crypto-Currency
In the published document, it states the 4 main warnings for investors in Japan.
- Any trading(buy or sell) activities with unregistered brokers are strongly prohibited. All officially registered financial brokers are published on the website accordingly.
- JFSA or other Finance Bureau never recommend any specific Cryptocurrency.
- All Cryptocurrencies can be traded online freely and the market price of them can change dramatically. There is no guarantees that the market prices go up constantly.
- Workers of JFSA or other Finance Bureau never solicit for an investment into Cryptocurrency markets.
The publish of the leaflet certainly shows that the Cryptocurrency market cannot be ignored as the market expands.
Now that a number of local stores in Japan have started accepting BitCoin as a payment method through the brokers of Cryptocurrency in Japan.
It should be also noted that, this is the first time that JFSA has officially prohibited Japanese residents from trading with Cryptocurrency brokers from foreign countries.
This may also affect the activities of all JP affiliates advertising and promoting the foreign brokers.
National Isolation of Financial Markets
The Japanese financial authority, JFSA has very stringent rules when it comes to foreign financial companies.
The authority has already warned many Forex brokers promoting towards JP clients from outside of Japan. They have also banned several mega banks from transferring funds to these unauthorized brokers.
In the eye of the Japanese law, no foreign brokers of Forex, CFD, Stocks and Cryptocurrency are allowed to provide services to Japanese residents.
It is becoming a cat-and-mouse game between them though, as the regulation becomes more stringent, foreign brokers which are soliciting Japanese residents are required to adopt their business situations every year.
