"Basically, we concluded that we will, for now, avoid a move towards legal regulation.”
Juan Llanos: "It's surprising and rather encouraging to see a country take a hands-off stance even when the most prominent bitcoin exchange has failed on its own soil. Regulation should be risk-based, that is, all about proportion, and Japan has been enlightened enough to realize that. This single occurrence, although hurtful to some, is proportionately less harmful, both in size and impact, than other financial services, at least for the time being. The effect of this could be very beneficial for this emerging technology and for the country, as it will spur innovation. In the meantime, however, let's not forget that one aspect of bitcoin is already regulated or, at a minimum, covered by international regulatory standards -the cross-border value transmission aspect. In this sense, it's quite possible that bitcoin's ability to transfer value internationally is already covered by Japanese laws and regulations."
Thomas J. Ackermann: "A healthy approach. Generally, due to the nature of Bitcoin as NOT being part of any governments' or banks' business, they should not try to regulate Bitcoin for the limited area they could (i.e. their constituency). Attempts to regulate are as ill-fated as attempts to regulate the Internet - both have no agnostics for national borders. Of course the temptation is always there and will increase as Bitcoin gains more and more popularity - hopefully other governments will choose to adopt the same stance as the LDP in Japan."
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