The Minister of Finance of Japan and Deputy Prime Minister Taro Aso called on journalists to stop using the term virtual currencies and go to the newly proposed legal name.
Aso, who is also the country's Minister of State for Financial Services, made his comments during a crypto-focused question and answer session at a press conference after a government meeting. The full transcript of questions and answers dated March 26 was published by the Japan Financial Services Agency (FSA) on April 26, along with a preliminary translation into English.
Reportedly, the minister’s insistence on using the new term comes after the Japanese cabinet approved draft amendments to Japanese laws on financial instruments and payment services, which in March established a legal change to the name of cryptocurrencies as “cryptoactives”. Previously designated in the country as "virtual currencies".
As noted, the FSA, however, stressed that the new definition is only a change in the legal name, and that there is no forced use of this term by industry participants.
Questions and Answers Aso also covers the latest developments in the FSA review process and the official registration of new broker-dealers in crypto assets and stock exchanges, which were revised in the light of inspections of sentry enterprises at industrial enterprises.
As Minister Dog emphasized during questions and answers, the FSA had a strong influence on high-profile cryptocurrency hacker attacks in Japan and, thus, tightened the sector monitoring.
“Although I think blockchain is a promising technology, it will take a long time before it is firmly established. All sorts of people will be involved in it, but not all of them are well-intentioned, so some may misuse this technology. To protect investors, it is important for us to conduct a proper and rigorous analysis. ”
Aso noted that two new crypto brokers were registered this week by the FSA, Rakuten Wallet and Decurret, the latter of whom considers the former administrative vice minister in the Ministry of Finance of Japan to be one of its directors.
Earlier, the FSA's proposal to redefine virtual currencies as cryptoactive assets was presented as a step that can help ensure that "traders will no longer buy them, believing that they are legal tender recognized by the government."