US authorities plan to offer licenses for exchange services
According to information provided by a representative of the Federal Reserve Bank of Philadelphia, the government of the country may be thinking of introducing a legal framework at the national level to regulate the activities with criptomonedas. This measure could bring great benefits to the ecosystem of the digital currencies impacting on the prices of Bitcoin and Ethereum.
Last week, the government of Japan and its main financial authority, the Financial Services Agency (FSA), issued respective authorizations and duly licensed 11 digital currency exchange services, including BitFlyer, one of the largest commercial platforms in the country.
In a statement, BitFlyer CEO Yuzo Kano explained that the implementation of practical regulatory frameworks for exchange and investment services will allow the country's digital currency market to position itself at the epicenter of business activities, development and innovation. international ecosystem of cryptomonedas:
Japan has been experiencing a great commercial demand related to Bitcoin, as well as services related to the development and use of digital coins. The approval of the FSA, which empowers BitFlyer to function as a registered exchange service, could not come at a better time for the cryptomoneda ecosystem in the country. "
Governments and fair ecosystems
Earlier this year, at the Blockchain NZ conference held in Auckland, New Zealand, Bitcoin and digital asset security expert Andreas Antonopoulos explained to the audience that governments could well leave the currency trading sector digital to their fate or collaborate to create a more transparent, fair and efficient ecosystem for companies.
Antonopoulos argued that governments could ignore, which would be good, or could also make things worse, just as Australia did when it passed sales tax on all asset conversion transactions, or could simplify things by promoting policies to encourage business and create a level playing field.
The Japanese government has officially recognized the exchange services by granting the respective licenses, allowing the companies to operate fully as legal financial entities within the country. This has had favorable repercussions since in the following days the markets have registered an increase of the demand towards the monetary criteria, and as a result, the daily volume of operations in Japan has increased at a very fast pace. This in turn has generated an increase in the prices of Bitcoin, which surpassed the mark of the 4,400 dollars.
USA follows Japan's example
At an event organized by the Federal Reserve Bank of Philadelphia, the bank's representative, Keith Noreika, assured reporters that the institution is open to the fact that the Bitcoin exchange companies request permission from the bank to operate freely . Noreika also said that the entity is planning to implement a national licensing program aimed at exchange services, which would be accompanied by the elimination of regional licenses such as New York's BitLicense and the creation of a unified regulatory framework aimed at the trading platforms.
In this regard, Nokeira stated:
I am not against those people who come and formulate their concerns regarding how such authorizations could make sense to them. However it is necessary to understand that this is a long process that will have to culminate, and just because the stakeholders decide to transit this way is no guarantee that they will be completely successful in the end.
The US government and its regulators may still take the time to offer unified licensing programs nationwide for digital currency exchange services. However, these statements can be considered as optimistic indicators of growth that Bitcoin has had in the North American country, which is the second largest BTC market in the world after Japan. This could make the United States a more robust and better regulated territory for investors and consumers in general in the digital currency ecosystem.
Source: CryptoCoinNews
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