Jasmy (JMY), the first legal and compliant digital currency in Japan, traded on bitpoint Japan Exchange
According to the latest news, on October 26, 2021, BITPoint Japan, a Japanese exchange, launched Jasmy (JMY) and opened the JMY / JPY trading pair.
As of that moment, Jasmy (JMY) became the first Japanese blockchain project approved to be listed on the Japanese digital currency exchange. It is the first law-compliant Japanese digital currency, which has historical significance for the Japanese digital currency market. In the past, the birth of Bitcoin led to the development of digital currency. Today, the success of Jasmy (JMY) has inspired confidence in the Japanese digital currency market and set a precedent for legal compliance of Japanese blockchain projects, much like a shining beacon in the ocean.
The news that Jasmy (JMY) successfully launched BITPoint Japan Exchange sparked much discussion in Japan and Southeast Asia. The Jasmy community ushered in the long awaited moment of carnival and also attracted many waiters.
The significance of Jasmy’s (JMY) success and its future impact must all begin with cryptocurrency policies and oversight in various regions and countries around the world. It should be noted that the content of the blockchain policy in each region is divided into three major directions: digital currency, ICO and blockchain technology. As a kind of technological innovation, blockchain has attracted the attention and admiration of various countries, and the digital currency has gradually been recognized by various countries, but the attitude towards the symbolic assets of ICO projects is different. Overall, all countries will treat anti-money laundering as the object of oversight in the oversight of digital currencies. The basis of ICO oversight is the nature of ICOs. If ICOs are defined as securities, they should be included in the oversight of the China Securities Regulatory Commission; if they are defined as general property, other regulations apply.
By comparing the 5 continents of the world, 24 major countries (including China, Japan, South Korea, Singapore, Cambodia, Thailand, India, Israel, Malaysia, the Philippines, the United States, Canada, Brazil, Switzerland, UK, Germany, France, Russia, Netherlands, Sweden, Australia, South Africa, etc.) After the blockchain policy, I selected the policies of 5 countries to develop, as they basically cover the political attitudes of various regions towards cryptocurrency, and they have a certain universality:
United States: The United States government takes a positive attitude towards the regulation of digital currency. On July 9, 2019, the US Senate Committee on Commerce, Science, and Transportation approved the Blockchain Promotion Act, which legally defines cryptocurrency as intangible property (private property) and a means of payment. Can move freely. Some states recognize cryptocurrency as legal tender.
South Korea: The South Korean government takes a positive attitude towards digital currency regulation. On January 9, 2020, South Korea set up a regulatory sandbox system to accept blockchain-based money transfer services, but ICOs are prohibited (the South Korean government bans the use of various forms of virtual currency to raise funds).
Germany: The German government takes a positive attitude towards the regulation of digital currency. On March 2, 2020, the German financial supervisory authority, the Federal Financial Supervisory Agency (BaFin), classified digital assets as financial instruments.
Russia: The Russian government is cautious about regulating digital currency. On February 20, 2020, the Central Bank of Russia reached an agreement with the country’s Federal Security Bureau (FSB) to ban the use of encrypted digital currency as a means of payment in Russia.
Japan: The Japanese government is taking a positive attitude towards digital currency regulation. On February 24, 2020, Japan’s three major financial regulators, the Ministry of Finance, the Financial Services Agency (FSA), and the Bank of Japan, joined together to promote central bank digital currency research (CBDC ). These three institutions have held several meetings to discuss the prospects for digital currencies and the economic impact associated with them. They also decided to conduct research and analysis on this technical aspect.
The Japanese government strongly supports digital currency and makes bitcoin transactions free. On the one hand, the Japanese government has clarified that virtual currency transactions are regulated by the Financial Services Agency of Japan, and applications to open a stock exchange in Japan must undergo a strict qualification examination, and the list of new digital assets on the exchange as well. must be reviewed and approved by the Financial Services Agency. At the same time, the Japanese stock exchange is also very strict in examining the qualifications of investors. According to Japanese government regulations, companies wishing to qualify for bitcoin transactions must meet the requirements for registered capital and capital management.
After comparing the political attitudes towards cryptocurrencies in various regions of the world, it is evident that the attitude of the Japanese government towards cryptocurrencies is the most positive and the most rigorous.
It is also the origin of “Play with coins on the market, look at Japan first”. Because if you’re talking about cryptocurrency, one country that can’t be bypassed is Japan, which means legal regulation.
It should be mentioned that Japan is the first country in the world to enact laws relating to crypto assets, and it is also the first country to adopt strict regulatory measures on crypto assets. Japan has strict and comprehensive laws and regulations that can fully protect the legitimate rights and interests of investors, so that digital currency can be used to pay anytime and anywhere in shopping malls and everyday life. Japanese.
According to public relations revealed ， Jasmy tried the application process a year ago. Trading digital currencies on Japanese national stock exchanges is equivalent to a stock exchange listing. Not only is the review process complicated, but the time frame is also very long. Jasmy’s efforts are beyond imagination.
According to the data, the Japanese law enacted in 2019, the “Financial Commodity Acquisition (Transaction) Law” and the “Financial Commodity Sales (Sales) Law” enacted in Japan officially listed crypto assets as equivalent to banking wealth management products or equities and other negotiable securities. . Financial products, that is to say in Japan, crypto asset trading = stock exchange listing.
(Japanese cryptocurrency list and transaction review process)
Once the transaction is opened, it must be carried out in strict accordance with market regulations such as stocks, and be subject to strict supervision and irregular inspections by the Financial Services Agency. It is conceivable that Jasmy’s (JMY) success has gone through the safest and most rigorous review process in the world. We can trade Jasmy (JMY) with peace of mind just like trading BTC, ETH, and LTC.
It is important to know that the exchanges which are listed on the currency for the first time in Japan must assume all joint guarantee responsibilities, that is, after any violation of the crypto assets or behavior which is not not conducive to investment users, the exchange will be held accountable by the Financial Services Agency. If this is serious, the exchange license will be revoked by the Japanese government.
As a result, Jasmy (JMY) successfully initiated the BITPoint Japan Japan transaction, which means that Jasmy (JMY) has obtained a compliant legal status in Japan. It can be foreseen that Jasmy IoT Platform has considerable potential in the development of financing, R&D, production and transactions.
In addition, BITPoint Japan Co., Ltd. is one of the first licensed digital asset exchanges in Japan (Digital Assets Exchange Kanto Finance Director No. 0009), and is also a general legal person of the Japan Digital Asset Exchange Association (JVCEA), a legal person of public utility member of the Japanese Association of Supervisors.
Jasmy is a company that develops and provides security and data sharing services in the age of the Internet of Things – “Jasmy IoT Platform”.
When everything is connected to the Internet, “food, clothing, shelter and transportation” that are closely related to people’s lives will undergo enormous changes. Our mission is to provide an infrastructure and create an environment where anyone can use data easily and with confidence.
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