Japan to Crack Down on Bitcoin Crime, Court Industry Investment
The government of Japan has announced that it intends to increase oversight of illegal transactions that are carried out using digital currencies like bitcoin. The news comes amid increasing fears in the country that criminal organizations are using bitcoin for money laundering and drug dealing, according to a new report from Kyodo News International. Japan's Ministry of Economy, Trade and Industry is now expected to set in motion a plan for how it will monitor illicit trade involving digital currency, working with other government agencies such as the Financial Services Agency and....
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Akihiro Shiba is an attorney-at-law qualified in Japan, working at Nishimura & Asahi's Tokyo office, with expertise in financial regulations and transactions and provides advice on virtual currencies. In this article, he examines what the recent Tokyo District Court ruling means for the status of bitcoin in Japan. In a lawsuit filed by an individual against the bankruptcy trustee for Mt Gox, formerly the most widely used bitcoin exchange in the world, the Tokyo District Court handed down a judgment on 5th August, 2015, holding that bitcoins are not subject to ownership. This is probably....
Japan now has two new industry groups to support digital currency and blockchain business in the country, following the launch of the Japan Blockchain Association (JBA). Formed in mid-April, the JBA replaces the former Japan Association of Digital Asset (JADA), which has been active in the industry since July 2014. The new group includes high-profile....
Japan does not want people buying drugs with Bitcoin – but it doesn’t want to regulate the currency either (not yet, anyway). Japanese government officials are looking into ways to monitor illegal transactions paid for in digital currency, but are putting off regulating Bitcoin and its brothers under current law, according to a report by Kyodo News International published Tuesday. Fears about Bitcoin use in criminal activity have come to the forefront of government attention since Japan made its first arrest for alleged drug trafficking using Bitcoin earlier this month. The suspect....
A consortium of Chinese and American bitcoin businesses has announced a plan to start a new Japan-based exchange, and is seeking to acquire Mt. Gox and its remaining assets as a means to bolster the new offering. The joint venture, named BitOcean Japan, consists of Chinese ATM producer BitOcean and New York-based exchange technology platform Atlas ATS, a company that has been looking for a local partner to expand its global exchange network to the Asian market. While the new venture is not a Mt. Gox rescue plan per se, and is not looking to resurrect the Gox name, its members are looking....
Coincheck, the largest bitcoin exchange in Japan follows the current trend to introduce Ethereum support. Japan gets another new cryptocurrency and that is Ethereum. The new cryptocurrency has entered the Japanese market within weeks after the Japanese government tentatively conferred bitcoin with the status of legal tender. Japan has been one of the important geographical regions for the cryptocurrency industry. No, it is not because of the country’s electronics and technology industry but the community participation. The country was on a roll until the downfall of Mt Gox bitcoin exchange....