The Japanese government has made its position on Bitcoin clear, officially responding to a proposal from Senator Satoshi Hamada. The statement, issued on December 20 under the name of Prime Minister Ishiba Shigeru, asserts that Japan has no plans to include Bitcoin or any other cryptocurrency in its foreign exchange reserves. Concerns over volatility and a limited understanding of global trends regarding cryptocurrency reserves were cited as the main reasons for the move.
Japan’s legal framework on cryptocurrencies
Senator Hamada, a member of the NHK People’s Protection Party, urged Japan to consider following the example of countries like the United States in exploring Bitcoin reserves. However, the government clarified that discussions on the issue were still in their early stages, making it difficult to express a definitive position. He stressed that Japan’s knowledge of international developments in this area is insufficient to make informed decisions.
Japan’s legal framework also plays a vital role in this position. According to the country’s regulations for managing special accounts, cryptocurrencies such as Bitcoin are not classified as foreign currency holdings. Additionally, under the Financial Instruments and Foreign Exchange Act, cryptocurrencies are not considered securities. Instead, the Japanese Payment Services Act provides the legal definition of “crypto assets.” The law requires any cryptocurrency exchange service provider to register with the Financial Services Agency. Operating without proper registration is subject to criminal penalties, as Anderson Mori & Tomotsune, a major Japanese law firm, points out.
Japan prioritizes stability and prudence in cryptocurrency reserve decisions
The government has emphasized the primary objective of foreign exchange reserves: to ensure the stability of assets and bond markets denominated in foreign currencies. He highlighted that the inherent volatility of crypto assets undermines their suitability for this purpose, with security and liquidity remaining the main priorities in reserve management.
In addition to this official position, the industry outlook provides additional insight into Japan’s cautious approach to cryptocurrencies. Akihiko Ogino, CEO of a major Japanese investment bank, has suggested that Japan consider launching cryptocurrency exchange-traded funds (ETFs). Despite this suggestion, Daiwa Securities, which runs the Nikkei 225 ETF, has not yet announced plans to create a cryptocurrency-backed ETF. Japan’s current regulatory and economic outlook for crypto assets could potentially delay the introduction of these financial products.
In summary, the Japanese government decided not to adopt Bitcoin into its foreign exchange reserves, citing regulatory classifications, concerns over volatility, and a focus on the stability of its financial systems. While individual voices in the financial sector argue for broader crypto integration, the government’s stance reflects a preference for caution and measured deliberation over hasty adoption.
Japan will not follow the United States in establishing a strategic Bitcoin reserve, saying cryptos are not currencies. pic.twitter.com/s2soNqu4bE
– TheCryptoBasic (@thecryptobasic) December 26, 2024
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