New Head of Japan’s Financial Services Agency is Crypto-Friendly

A crypto-sympathetic official has been named as the next leader of Japan`s Financial Services Agency.

Jiji Press reported on July 7 that the Japanese government has decided to appoint Ryozo Himino to the next commissioner of Japan’s Financial Services Agency (FSA). The official announcement will be made this month. Cointelegraph has reached out to FSA to confirm the news but has not received replies yet. 

Himino, currently the International Financial Deputy Counselor, is known on the international stage. Last September, he became the first Japanese Chairman of the Standing Committee of the Financial Stability Board (FSB). 

FSA’s new leader and crypto

Himino is considered sympathetic to the crypto industry. He was instrumental in the FSA’s decision to invite Blockstream`s Adam Back to a seminar last June held along with G20 Fukuoka, Japan. The idea was to provide an opportunity for various stakeholders to gather at G20 and talk about the potential of blockchain to build decentralized financial systems. 

At the time, the FSA acknowledged Back as “a legendary cypherpunk” who wants to change the world with cryptography. 

To be fair, Toshihide Endo, the current head of FSA, is also a crypto-friendly regulator. Uploading a picture he’d taken with Endo, Morgan Creek’s Anthony Pompliano said last September “Japan’s Financial Services Agency is a big proponent of Bitcoin and Lightning Network”. 

Japan’s Financial Services Agency is a big proponent of Bitcoin and Lightning Network.

This is the Agency’s Commissioner (top boss) on the left and the Director of Innovation on the right.

The first country that embraces Bitcoin will have a significant advantage 🙏🏽 pic.twitter.com/cgPkZcZCKQ

— Pomp 🌪 (@APompliano) September 3, 2019

However, the FSA appeared to become more strict about the crypto industry during his term with two controversial cryptocurrency-related laws introduced this May. The FSA has also cut the leverage cap for cryptocurrency margin trading to two times. 

Libra “an alarm clock”

Regarding Facebook`s Libra cryptocurrency, last September Himino said it was a wake up call:

“Libra’s alarm bell is now making regulators and central bankers to open their eyes and see squarely the issues they need to face sooner or later. And many other clocks may be waiting to ring next.”