Japan Minister of Finance and Deputy Prime Minister Taro Aso called on journalists to stop using the term “virtual currencies” and opt for “crypto assets”.

Taro Aso gave a speech at a press conference after the government meeting. The full transcript of questions and answers was published by the Japan Financial Services Agency (FSA), along with an English translation.

The minister persistently suggested that journalists use the new term due to the approval by the Japanese government of the draft amendments to Japanese laws on financial instruments and payment services, which in March established a legal change in the name of cryptocurrencies to “cryptocurrency assets.” Earlier in the country, the term “virtual currencies” was adopted.

Then the FSA stressed that the new definition is only a change of legal nature and that the industry will not be forced to use this term. The press conference also touched upon the latest developments in the FSA review process and the official registration of new broker-dealers in crypto assets and stock exchanges.

As Taro Aso stressed, the loud hacking of cryptocurrency exchanges in Japan strongly influenced the work of the FSA, which led to stricter monitoring of the activities of cryptocurrency companies. 

“While I think blockchain is a promising technology, it will take quite some time before it is firmly established. A variety of people will become involved with it, not all of them well-intentioned, so some could misuse this technology. To protect investors, it is essential for us to conduct a proper and strict review,” he stated.

As reported by The Crypto Sight, new crypto assets brokers Rakuten Wallet and Decurret have recently been registered by the FSA. It was also reported that the FSA conducted unscheduled inspections on the Fisco and Huobi Japan exchanges.