Japanese financial watchdog frowns on gambling dapps
Regulators in Japan may be more likely to accept new digital currencies for trading if they have greater financial transparency and aren’t taking part in gambling Dapps.
According to Xangle, tokens like BAT, QTUM, and HT were whitelisted in Japan due to their financial transparency and regulatory compliance https://t.co/lQYOhl1RdB
— Cointelegraph (@Cointelegraph) June 23, 2020
As per a report, the country’s financial regulator, Financial Services Agency (FSA), has instructed that crypto firms will only be approved if they do not support decentralized applications (Dapps) with gambling or other such features.
Quantum (QTUM), the cryptocurrency recently added on Coincheck as a result of meeting the necessary requirements by the country’s regulatory group, is now named as the Japan Crypto Asset Exchange Agency (JVCEA). QTUM was reported to be transparent in its answers to the JVCEA, owned enough liquidity to be present on major exchanges, and was not included in “gambling or casino Dapps”.
Cryptocurrencies such as Huobi Token (HT), and Brave’s Basic Attention Token (BAT) listed on Huobi Japan and GMO Coin respectively, and were still among the projects whitelisted by regulators that had “proved their financial stability and complied with the national standards”. The digital currencies BAT, HT, and QTUM had successfully achieved financial transparency, compliance with regulatory requests, and technical stability.
A representative from Qtum said in an interview that its approval from the FSA might have been because of proving that it has authentic technology in its three-year history and having decentralized and transparent networks.
Qtum representative claimed that the Japanese listing regulations are some of the most scrupulous guidelines in the world. These new listings depict that Japanese regulators are open-minded about digital currency but also quite strict with the rules to protect investors.