Retailers in Japan Quickly Embrace Bitcoin Thanks To New Virtual Currency Regulation
It is good to see Japanese retailers embrace bitcoin payments all of a sudden. Bitcoin is starting to gain mainstream traction in Japan. Earlier this month, the government introduced a new regulation legalizing cryptocurrencies. As a result, two of Japan’s largest retailing groups will enable bitcoin payments moving forward. In doing so, the groups aim to promote bitcoin as a mainstream payment method. An interesting turn of events, and one that spells a bright future for bitcoin. It is good to see Japanese retailers embrace bitcoin payments all of a sudden. Bic Camera, a major electronics....
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The Diet in Japan (the legislature consisting of the Lower and the Upper Houses) has passed a bill today that mandates the regulation of bitcoin and virtual currency exchanges by the Financial Services Agency (FSA) in Japan. Japan has enacted a bill today that will see the regulation of operators of virtual currency exchanges, a Japan Times report revealed. The revised law will see virtual currency exchange operators mandated to register with the Japanese Financial Services Agency. The bill also enables the agency to have the authority to conduct on-site inspections and will require....
Financial regulators in Japan proposed the recognition of cryptocurrencies like Bitcoin as legitimate methods of payment on par with fiat money. Exchanges will need to register.. On the 23rd of February the Financial Services Agency of Japan submitted legislative revisions that would see Bitcoin and other virtual currencies recognised as legitimate currencies. This has come about as a result of realizing that virtual currencies essentially fulfil the nation’s definition of the functions of a currency. “There is a long way to go...But we have discussed reform and believe it is the right way....
The National Diet in Japan (the legislature consisting of the Lower House and the Upper House) is currently deliberating over bills to regulate bitcoin and other virtual currencies and a keenly contested bitcoin industry in Japan is watching closely. Following the debacle of the now-defunct bitcoin exchange Mt. Gox which collapsed in 2014, bitcoin as a currency had a PR problem, particularly in Japan. The government stepped in and sought to establish certain guidelines to regulate the cryptocurrency. Before regulation comes recognition and bitcoin is set to be seen as a currency, similar....
Bitcoin will soon be legally recognized as a method of payment in Japan. The bill with provisions for cryptocurrencies has recently passed through the period of public consultation and will enter into force in April. Bitcoin.com examines what the bill means and how it could affect Bitcoin with Special Counsel at Anderson Mori & Tomotsune, Ken Kawai,....
As Japan prepares to enforce a bill that mandates the regulation of bitcoin and virtual currency exchanges in the country, it raises the question as to whether this will do more damage to the bitcoin/blockchain space like what the BitLicense has done to New York? In a recent blog, Koji Higashi, co-founder of bitcoin and crypto platform IndieSqaure, said that he had serious doubts about the law bringing long-term benefits to the Japanese community, going so far as to say that it could ‘set a bad precedent.’ Yet, bitcoin has had a bad reputation, particularly in Japan, following the fiasco....