The Gox Effect: Japan Slowly Turning Against Bitcoin Exchanges (Op-Ed)
Bitcoin and Japan have had an interesting and strained relationship over the last three years. Businesses, exchanges, and digital currency trading have flourished, and even been encouraged to an extent, throughout the technologically cutting-edge country. Now, recent events and international backlash are starting to turn the national tide of perception against Bitcoin exchanges in the Land of the Rising Sun. When I first heard about Mt. Gox, by far the world’s largest Bitcoin exchange throughout 2012 and 2013, I didn’t know where it was. It was located in Japan, and was, in effect, the....
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Cardano (ADA) has recently secured another win in its long repertoire of wins lately. The native coin of Cardano, ADA, has now been approved to be listed in Japan, which features one of the hardest listing requirements in the world. Only a handful of coins have been able to receive approval to be listed on exchanges in Japan, and ADA just became one of them. Japan has always been crypto-friendly right from the beginning. But that does not mean they have lax laws when it comes to cryptocurrencies. The coins that are listed on exchanges in Japan are carefully screened to make sure that they....
New details have emerged about a proposed regulatory framework for bitcoin exchanges in Japan. As reported yesterday, a working group within the country's Financial Services Agency (FSA), its top finance regulator, has developed a series of recommendations for overseeing exchanges in the country. The proposal is said to be moving toward completion, and will be submitted to Japan's national legislature, the Diet, for consideration next year. The working group is part of a body within the FSA called the Financial System Council. When asked for comment, the FSA provided CoinDesk with a....
With major issues going on at Tokyo-based Mt. Gox with regard to users getting their funds out, some are turning to to Japan's Financial Services Agency (FSA) with the hope the banking watchdog can possibly help in some manner. Unfortunately, it doesn't seem like it's going to happen. A Wall Street Journal report indicates the FSA is declining to get involved in the drama. "Bitcoin isn't a currency; it works as an alternative to currencies, like gold," said a spokesperson for the agency. "The FSA is in charge of currency-based services. Therefore, bitcoin exchanges are not a subject to our....