The government of the United States can follow the road map of Japan to regulate the trading activities around crypto-currencies such as Bitcoin and Ethereum. Last week, the japanese government and its financial regulator, the Financial Services Agency (FSA) formally authorized and approved 11 markets of crypto-currencies, including BitFlyer, the most important trading platform in the country with over 800 000 users.
The United States wants to be inspired by the japanese model
At an event organized by the Federal Reserve Bank of Philadelphia, the controller’s interim currency, Keith Noreika, told reporters that he was open to trade crypto-currencies that apply to the banking status. Noreika has also noted that it was considering the imposition of a licensing program on a national scale for the exchange of crypto-currencies. This will lead to the elimination of regional licences such as the BitLicence of New York and the publication of a regulatory framework unified for the platforms of trading of crypto-currencies.
If one refers to the japanese model, by allowing and accepting the exchange of crypto-currencies, the government has officially recognized the market of virtual currencies as providers of financial services regulated, which allows companies to fully function as financial companies legal in the country.
A regulatory process that promises to be long
Unlike Japan, it may take more time for the us government and its financial regulators offer programs to unified licenses for the trade of crypto-currencies, and businesses of Bitcoin. But it is still an indicator that can be optimistic. In effect, investors and consumers in general will rejoice that the United States, second stock market of the Bitcoin behind Japan, could consider creating a market that is more robust and well-regulated.