Bitcoin Exchanges in Japan Must Be Registered under New Proposed Regulations
Citing unnamed but informed sources, Japanese publications are reporting that a working group under the Financial System Council have complied a draft of Japan's first ever cryptocurrency regulations. Under the new proposed rules, bitcoin exchanges and those dealing with virtual currencies must register with the government to fall under a regulatory framework. The rules, as reported by The Japan Times, are drafted by a working group under the Financial System Council (FSA). The proposals and discussion for the new rules began yesterday, while the bills required to enact the new rules and....
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Japan has recently overtaken the US and China as the highest-volume country for bitcoin trading in the world. In April, the first Japanese bill with provisions for digital currencies including bitcoin will enter into force. It will recognize bitcoin as a method of payment, but at the same time, it will impose regulations on bitcoin exchange service....
As many may already be aware, July 17, 2014, the New York Department of Financial Services (NYDFS) issued its proposal for the regulation of virtual currencies (Proposed Regulations).¹. At this point, the Proposed Regulations are exactly that - a proposal. There is a 45-day period of public comment, after which the NYDFS may or may not consider the comments it receives. Then, with any revisions that NYDFS deems necessary, the Proposed Regulations will become final and official. Understandably, there has been quite an uproar about the Proposed Regulations among the virtual currency world,....
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....
Government officials in Kazakhstan have approved regulations that will govern interactions between authorized coin trading platforms and traditional financial institutions. The new rules will allow registered cryptocurrency exchanges to have bank accounts in the country.
Pilot Project to Develop Kazakhstan Into Regional Crypto Hub
Regulations allowing crypto exchanges registered at the Astana International Financial Center (AIFC) to be serviced by second-tier banks in Kazakhstan have been adopted by a working group comprised of representatives of the Ministry of Digital....
The Japanese financial newspaper Nikkei reported in early March that the country’s parliament, the Diet, will soon vote on a set of Bitcoin regulations to be put forward by the ruling cabinet. The regulations proposed by Finance Minister Taro Aso of the ruling Liberal Democratic cabinet would classify Bitcoin as a currency, impose new requirements on Bitcoin exchanges and allow banks and securities firms to invest and trade in the virtual currency. Following the collapse of Mt. Gox in early 2014, then the largest Bitcoin exchange in the world, Japan built a firewall separating Bitcoin from....