Report: Japanese Officials Draft Regulation for Bitcoin Exchanges
Japan's financial regulators are reportedly moving closer to creating a system for registering and overseeing domestic digital currency exchanges. Citing "informed sources", The Japan Times reports a working group beneath the Financial Services Agency's Financial System Council is finalizing a draft text that, once finished, will be submitted to the country's legislature, the Diet, next year. According to the Times, the draft text calls for a range of capital and auditing requirements for those running domestic exchanges, in addition to know-your-customer (KYC) anti-money laundering (AML)....
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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....
Indonesia is preparing to issue new rules to tighten the regulation of crypto exchanges. Under revised regulatory framework, two-thirds of crypto exchange directors must be Indonesian citizens residing in the country.
Indonesia Plans to Tighten Crypto Regulation
Indonesia is preparing to issue new rules to tighten the regulation of crypto exchanges, officials from the country’s Minister of Trade and the Commodity Futures Trading Regulatory Agency (Bappebti) said Tuesday at a parliamentary hearing in Jakarta.
One of the new rules requires two-thirds of directors....
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....
Since the realm of virtual currencies is a decentralized industry, there is no single monetary authority or government agency implementing bitcoin regulation these days. In the United States, state governments are in charge of coming up with the necessary legislation to oversee the activity of bitcoin companies and enforcing the rules. For the Uniform Law Commission (ULC), there is a need for a unified bitcoin regulation law, as this could help strike the balance between consumer protection and encouraging innovation. The group recently released a discussion-only draft of their proposed....
This story has been updated with comment from the Federal Services Agency. Japanese government officials are weighing whether to regulate bitcoin exchanges in the wake of new developments in the ongoing investigation of Mt Gox. Media reports from The Japan Times and The Japan News suggest that the government, including those from the country's Financial Services Agency, may seek to implement a registration system for exchange operators. Such a framework may include a licensing scheme and user identification requirements. The Times quoted Finance Minister Taro Aso who said that government....