Japan Declines Adoption of Bitcoin Reserves Amid Concerns

The Japanese government has made its stance on Bitcoin clear, responding officially to a proposal from Senator Satoshi Hamada. The statement, released on December 20 under Prime Minister Ishiba Shigeru’s name, affirmed that Japan has no plans to include Bitcoin or any other cryptocurrencies as part of its foreign exchange reserves. Concerns over volatility and a limited understanding of global trends surrounding cryptocurrency reserves were cited as primary reasons for this decision.

Japan’s Legal Framework on Cryptocurrencies

Senator Hamada, a member of the Party to Protect the People from NHK, had urged Japan to consider following the lead of countries like the United States in exploring Bitcoin reserves. However, the government clarified that discussions on the matter remain in their infancy, making it challenging to express a definitive position. It emphasized that Japan’s knowledge of international developments in this area is insufficient for informed decision-making.

Japan’s legal framework also plays a critical role in this stance. According to the country’s regulations for special account management, cryptocurrencies such as Bitcoin are not classified as foreign exchange assets. Furthermore, under the Financial Instruments and Exchange Act, cryptocurrencies are not regarded as securities. Instead, Japan’s Payment Services Act provides the legal definition of “crypto assets.” The law mandates that any provider of cryptocurrency exchange services must register with the Financial Services Agency. Operating without proper registration is subject to criminal penalties, as outlined by Anderson Mori & Tomotsune, a prominent Japanese law firm.

Japan Prioritizes Stability and Caution in Cryptocurrency Reserve Decisions

The government has highlighted the primary purpose of foreign exchange reserves: ensuring the stability of assets and bond markets denominated in foreign currencies. It pointed out that the inherent volatility of crypto assets undermines their suitability for this purpose, with safety and liquidity remaining top priorities in managing reserves.

In addition to this official position, industry perspectives provide further insights into Japan’s cautious approach to cryptocurrencies. Akihiko Ogino, CEO of a leading Japanese investment bank, has suggested that Japan should consider launching cryptocurrency exchange-traded funds (ETFs). Despite this suggestion, Daiwa Securities, which manages the Nikkei 225 ETF, has yet to announce any plans for a crypto-backed ETF. Japan’s current regulatory and economic outlook on crypto assets could potentially delay the introduction of such financial products.

In summary, Japan’s government has decided against adopting Bitcoin as a part of its foreign exchange reserves, citing regulatory classifications, concerns about volatility, and a focus on the stability of its financial systems. While individual voices in the financial sector advocate for broader crypto integration, the government’s position reflects a preference for caution and measured deliberation over hasty adoption.

Japan Won’t Follow US to Establish Strategic Bitcoin Reserve, Says Cryptos Aren’t Foreign Exchange. pic.twitter.com/s2soNqu4bE

— TheCryptoBasic (@thecryptobasic) December 26, 2024

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