The Japanese government officially responded to Senator Satoshi Hamada’s proposal and made its position on Bitcoin clear. A statement issued in the name of Prime Minister Shigeru Ishiba on December 20 confirmed that Japan has no plans to include Bitcoin or other cryptocurrencies as part of its foreign exchange reserves. Concerns about volatility and limited understanding of global trends surrounding cryptocurrency holdings were cited as the main reasons for this decision.
Japan’s legal framework regarding cryptocurrency
Senator Hamada, a member of the NHK Party to Protect the People, urged Japan to consider following the lead of countries like the United States in exploring its bitcoin reserves. However, the government made it clear that it is difficult to state a clear position as discussions are still in the early stages. It was emphasized that Japan’s knowledge of international developments in this field is not sufficient to make informed decisions.
Japan’s legal system also plays an important role in this position. According to country-specific special account management regulations, cryptocurrencies such as Bitcoin are not classified as foreign exchange assets. Additionally, under the Financial Instruments and Transactions Act, cryptocurrencies are not considered securities. Instead, Japan’s Payment Services Act provides a legal definition for “cryptocurrency assets.” By law, cryptocurrency exchange service providers must register with the Financial Services Commission. As noted by Anderson Mori & Tomotsune, a prominent Japanese law firm, operating without proper registration can result in criminal penalties.
Japan prioritizes stability and caution in cryptocurrency reserve decisions
The government emphasized that the main purpose of foreign exchange reserves is to ensure the stability of asset and bond markets denominated in foreign currencies. The inherent volatility of cryptocurrency assets undermines their suitability for these purposes, he said, noting that safety and liquidity remain top priorities in reserve management.
In addition to these official positions, industry perspectives provide additional insight into Japan’s cautious approach to cryptocurrencies. Akihiko Ogino, CEO of a leading Japanese investment bank, suggested that Japan should consider launching a cryptocurrency exchange-traded fund (ETF). Despite these proposals, Daiwa Securities, which manages the Nikkei 225 ETF, has yet to announce plans for a cryptocurrency-based ETF. Japan’s current regulatory and economic outlook for cryptocurrency assets could potentially delay the introduction of such financial products.
In summary, the Japanese government has decided not to adopt Bitcoin as part of its foreign exchange reserves due to its regulatory classification, concerns about volatility, and focus on financial system stability. While individual voices in the financial sector advocate for widespread cryptocurrency integration, the government’s position reflects a preference for caution and careful deliberation over hasty adoption.
Japan says it will not follow the United States in setting up strategic Bitcoin reserves and that the cryptocurrency is not a foreign exchange. pic.twitter.com/s2soNqu4bE
— TheCryptoBasic (@thecryptobasic) December 26, 2024
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