Japan will not regulate Bitcoin

Japan will not regulate Bitcoin

BREAKING: According to Reuters, Japan will not regulate Bitcoin in the nearest future. Japan's Liberal Democratic Party has decided to go against Bitcoin regulation in the aftermath of the Mt. Gox failure. Bitcoin has been under scrutiny by the authorities in Japan, the temporary conclusion by the Liberal Democratic Party is therefor somewhat surprising. The Liberal Democratic Party lawmaker Takuya Hirai, who leads the party's internet media division, said on Thursday: Basically, we concluded that we will, for now, avoid a move towards legal regulation. He also told that a final decision....


Related News

Japan Adopts Legislation Establishing Legal Framework for Stablecoins

The parliament of Japan has approved a draft law tailored to regulate stablecoins in the country and protect investors. The new legislation is among the first to be introduced after the recent collapse of the algorithmic stablecoin terrausd. Law on Stablecoins Approved in Japan in Aftermath of UST Collapse Lawmakers in Japan have passed a bill designed to determine the legal status of stablecoins. The authors of the legislation have effectively defined these cryptocurrencies as digital money, Bloomberg reported following the vote on Friday. With the new law, Japan....

Japan Pushes for International Effort on Bitcoin Regulation

Despite recent suggestions that its top financial bodies would not take any action against troubled bitcoin exchange Mt. Gox, Japan's senior regulators are now saying they would seek to regulate bitcoin, but only as part of an international effort. Speaking at a press conference on 27th February, Senior Vice Finance Minister Jiro Aichi addressed the topic, stating: "If we regulate [bitcoin], international collaboration would be necessary." Aichi suggested that this type of large-scale coordination is needed to prevent criminals from exploiting loopholes or weak points in international law.....

Japan Enacts Regulation for Digital Currency Exchanges

The upper house of Japan's national legislature approved a bill on Wednesday to regulate domestic digital currency exchanges, a move that comes nearly two years after discussions about how to regulate the technology first began. According to a report by The Japan Times, the decision will now require digital currency exchange operators to register with the Financial Services Agency (FSA), the government agency that oversees finance activities in the country. The action also comes with a grace period for businesses affected, as it will not come into force until one year from its approval.....

Indonesian Journalist: Follow Japan’s Example and Support Bitcoin

Indonesia should follow Japan and support bitcoin, according to an article in okezone.com, an online portal of news and entertainment that focuses on Indonesian readers both in the country and living abroad. The article, by journalist Kurniasih Miftakhul Jannah, calls for the country to take action to make bitcoin more acceptable in his country, in light of the progress other countries are making. The article noted that bitcoin has been approved as a legal currency in Japan. Japan’s Financial Services Agency, which manages the circulation of the yen currency, will regulate bitcoin, the....

Bitcoin Industry in Japan Awaits Regulation

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....