Japanese Government to Draft Regulatory Bill for Bitcoin by Early 2016
Since the arrest of former Mt. Gox CEO Mark Karpeles in August, the government of Japan has been involved in various regulatory initiatives and investigations led by its law enforcement and national security agencies to restrict and limit the use of bitcoin and operations of cryptocurrency exchanges, startups and organizations in the country. Involvement of the Financial Services Agency (FSA). Recently, the Financial Systems Council, a Japanese government organization responsible for overseeing banking, securities and exchange led a discussion joined by virtual currency exchange operators....
Related News
If a report from Nikkei Asian Review is to be believed, Bitcoin exchanges operating in Japan may soon have to get registered with the government, be open to external audits, and put in place adequate consumer protection measures. Japan has been dilly-dallying with its stance on cryptocurrencies such as Bitcoin, but the first draft of cryptocurrency regulations may bring much-needed clarity into the picture. We had previously reported that Japan is working towards a regulatory bill for Bitcoin by early 2016. A Financial Services Agency (FSA) panel is slated to discuss the regulation....
Russia’s finance ministry shared the amended and finalized crypto bill with the government, which recommends using cryptocurrencies as legal tender. The Ministry of Finance (MinFin) of Russia finalized a draft bill named “On Digital Currency” and has sent it to the Russian government for approval to be passed as law. The draft of the federal law clarifies regulations related to the trading and mining of cryptocurrencies. On Apr. 8, Russia’s finance ministry announced the amendment and finalization of an impending crypto bill, which provides regulatory clarity related to the circulation,....
The Ukrainian parliament has released an updated version of the draft law “On Virtual Assets.” The revised bill requires exchanges to obtain government authorization, disclose their ownership and implement mandatory KYC procedures. The document has been criticized by regulators in Kyiv but the government wants the legislation passed before the parliament’s summer break. Draft Law Proposes Regulations for Cryptocurrencies in Ukraine Ukrainian lawmakers have revised the draft law designed to regulate the country’s expanding crypto space. The deputies have introduced....
Bosnia and Herzegovina, a European country in the Balkans region could start regulating the crypto environment within its territory. The country is preparing to draft a bill that would help establish a regulatory framework for cryptocurrencies within its territories. Bill Is Part Of A Modernization Move Bosnia and Herzegovina’s Union for a Better Future (SBB), […]
The Japanese bitcoin market has added a significant number of bitcoin merchants this past year. Local publications such as NHK revealed that there were over 4,200 bitcoin-accepting shops in Japan by the end of 2016, demonstrating roughly an annual growth rate of 4.6x. Rapid increase in the acceptance of bitcoin by merchants can be directly attributed to the Japanese government’s recognition of bitcoin as money. In May of 2016, the National Diet of Japan passed a bill to regulate digital currency exchanges, declaring bitcoin as a legal form of money. Establishment of Bitcoin’s Legality.....