26 C
August 9, 2022
Image default

Financial Services Agency: young Japanese people should be careful about cryptocurrencies –

Japan’s highest financial regulator, the Financial Services Agency (FSA), posted a warning about the possible risks associated with investments in cryptocurrencies. Interestingly, he addressed them to younger citizens.

Financial Services Agency warns young Japanese

Japanese authorities voted to amend the Civil Code, which will officially lower the age of majority from 20 to 18. The amendment will be announced on April 1 next year. This means 18-year-olds will be able to buy cryptocurrencies. This fact worried the FSA. The authority has therefore published a warning for younger Japanese citizens who are already considering their first moves on cryptocurrency exchanges.

The FSA warns that “cryptocurrencies are different from fiats [czyli np. jena]whose value is guaranteed by the issuing countries. ‘ The agency added that all investors in the BTC market are exposed to the risk of losses due to price drops and exchange rate volatility. The regulator added that there is also no financial support fund in the country for projects from the cryptocurrency market, which will become, for example, victims of hackers. In other words, the Financial Services Agency reported that investing in Bitcoin and other digital currencies carries a high risk.

The agency also noted that there are already many helplines launched today for people who have difficulty understanding key concepts in new markets or people who have suffered psychological trauma as a result of losses suffered on the stock exchanges.

You can buy BTC, but you can’t drink beer

Despite the legal changes, people under the age of 20 will still be banned from drinking, smoking or gambling during horse racing.

In addition to investing in cryptocurrencies, however, people aged 18 and 19 will soon be able to sign apartment or house leases, take out loans, get married and buy or sell cars without parental consent.

It is worth recalling that the new regulations were formulated at the end of 2017, i.e. right after the FSA began overseeing cryptocurrency exchanges. However, it also happened before the famous Coincheck hack of early 2018.

Related posts

Digital Currency Group invests USD 500 million in the cryptocurrency market –

Aparnna Hajirnis

Bitcoin is no longer under the threat of being banned in the U.S.

Anupreet Kaur

Jack Dorsey challenges Elon Musk to talk about Bitcoin

Anupreet Kaur

Leave a Comment