According to the latest news, on October 26, 2021, BITPoint Japan, a Japan exchange has launched Jasmy (JMY) and opened the JMY/JPY trading pair.
From that moment on, Jasmy (JMY) has become the first Japanese blockchain project approved to be listed on the Japanese digital currency exchange. It is Japan’s first legally compliant digital currency, which has epoch-making significance for the Japanese digital currency market. In the past, the birth of Bitcoin led the development of digital currency. Today, the success of Jasmy (JMY) has inspired the confidence of the Japanese digital currency market and created a precedent for the legal compliance of Japanese blockchain projects, just like a bright beacon in the ocean.
The news that Jasmy (JMY) successfully launched BITPoint Japan Exchange has aroused widespread discussion in Japan and Southeast Asia. The Jasmy community has ushered in the long-awaited carnival moment, and it has also attracted many waiters.
The significance of the success of Jasmy (JMY) and its future impact all have to start with the policies and supervision of cryptocurrencies in various regions and countries around the world. We should know 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 digital currency has gradually been recognized by various countries, but the attitude towards the token assets of ICO projects is different. On the whole, all countries will treat anti-money laundering as the focus of monitoring in the supervision of digital currencies. The basis for the supervision of ICOs is the nature of ICOs. If ICOs are defined as securities, they need to be included in the supervision of the China Securities Regulatory Commission; if they are defined as general property, other regulations apply.
Comparing the world’s 5 continents, 24 major countries (including China, Japan, South Korea, Singapore, Cambodia, Thailand, India, Israel, Malaysia, the Philippines, the United States, Canada, Brazil, Switzerland, the United Kingdom, Germany, France, Russia, the Netherlands, Sweden, Australia, South Africa, etc.) After the blockchain policy, I selected the policies of 5 countries to elaborate, because they basically cover the policy attitudes of various regions towards cryptocurrency, and they have a certain universality:
United States: The U.S. government adopts a positive attitude towards digital currency regulation. On July 9, 2019, the U.S. Senate Committee on Commerce, Science, and Transportation approved the Blockchain Promotion Act, which legally defines cryptocurrency as an intangible property (private property) and a means of payment. Can circulate freely. Some states recognize cryptocurrency as legal currency.
South Korea: The South Korean government takes a positive attitude towards digital currency regulation. On January 9, 2020, South Korea implemented a regulatory sandbox system to accept blockchain-based remittance services, but ICOs are prohibited (the South Korean government prohibits the use of various forms of virtual currency to raise funds).
Germany: The German government takes a positive attitude towards digital currency regulation. On March 2, 2020, the German financial supervisory authority, the Federal Financial Supervision Agency (BaFin), classified digital assets as financial instruments.
Russia: The Russian government is cautious about digital currency regulation. On February 20, 2020, the Central Bank of Russia has reached an agreement with the Federal Security Bureau (FSB) of the country to prohibit the use of encrypted digital currency as a means of payment in Russia.
Japan: The Japanese government takes 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 hands to promote the research of the Central Bank Digital Currency (CBDC). These three institutions have held several meetings to discuss the prospects of 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 for opening an exchange in Japan need to undergo strict qualification review, and the listing of new digital assets on the exchange also needs to be reviewed and approved by the Financial Services Agency. At the same time, the Japanese exchange is also very strict in reviewing the qualifications of investors. According to the regulations of the Japanese government, companies that want to qualify for bitcoin transactions must meet the requirements in terms of registered capital and capital management.
After comparing the policy attitudes towards cryptocurrencies in various regions around the world, it is obvious that the Japanese government’s attitude towards cryptocurrencies is the most positive and the most rigorous.
This is also the origin of “Playing with coins in the market, first look at Japan”. Because if you talk about cryptocurrency, one country that cannot be bypassed is Japan, which means legal regulation.
It is worth mentioning that Japan is the first country in the world to enact laws related to crypto assets, and it is also the first country to adopt strict regulatory measures on crypto assets. Japan has strict and complete 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 Japanese shopping malls and daily life.
According to the public relations revealed，Jasmy has been trying the application process a year ago. Digital currency trading on Japanese domestic exchanges is equivalent to a stock listing. Not only is the review process complicated, but also the time span is very long. Jasmy’s efforts are beyond imagination.
According to data, Japan’s Enacted in 2019, the “Financial Commodity Acquisition (Transaction) Law” and the “Financial Commodity Sales (Sales) Law” enacted in Japan officially listed encrypted assets as equivalent to bank wealth management products or stocks and other marketable securities. Of financial products, that is to say, in Japan, crypto asset trading = stock listing.
(Japanese cryptocurrency listing and transaction review process)
After the transaction is opened, it must be operated in strict accordance with market regulations like stocks, and be subject to strict supervision and irregular inspections by the Financial Services Agency. It is conceivable that the success of Jasmy (JMY) has gone through the safest and most rigorous review process in the world. We can trade Jasmy (JMY) with complete peace of mind just like trading BTC, ETH, and LTC.
It is important to know that the exchanges that are listed on the currency for the first time in Japan need to bear all the joint guarantee responsibilities, that is, once any violation of the encrypted assets or behaviors that are not conducive to investment users, the exchange will be held accountable by the Financial Services Agency. If it is serious, the exchange license Will be revoked by the Japanese government.
Therefore, Jasmy (JMY) successfully launched 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 transaction.
In addition，BITPoint Japan Co., Ltd. is one of the earliest licensed digital asset exchanges in Japan (Digital Assets Exchange Kanto Finance Director No. 0009), and is also a general corporate legal person Japan Digital Asset Exchange Association (JVCEA), a public welfare corporate legal person Japan Supervisor Association member.
Jasmy, is a company that develops and provides data security and sharing services in the Internet of Things era – “Jasmy IoT Platform”.
When everything is connected to the Internet, the “food, clothing, housing, and transportation” closely related to people’s lives will undergo tremendous changes. Our mission is to provide infrastructure and create an environment where anyone can use data easily and with confidence.
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