Japan Considers Deeming Bitcoin as a Currency
Japanese regulators have proposed considering and treating virtual currencies like bitcoin as methods of payment and settlement similar to conventional fiat currencies. A report by Nikkei revealed that Japan’s Financial Services Agency (FSA) is considering legislative revisions that would recognize bitcoins and other digital currencies as equivalents to conventional currencies. The publication cites that the revisions see bitcoin as “fulfilling the functions of currency”. An excerpt from the publication reads: Under the FSA’s proposed definition, virtual currencies must serve as a medium....
Related News
Unlike the U.S., Japan considers XRP to be a cryptocurrency, not a security.
Japan is the only one among seven major industrialized nations to tax bitcoin. There is an increasing number of critics within the country arguing that the consumption tax hurts Japan’s competitiveness, writes Toshihisa Kinouchi of Nikkei. While Japan currently ponders deeming bitcoin and virtual currencies as currencies similar to conventional fiat currencies, there is another debate surrounding bitcoin that is being talked among regulators and politicians. Tsukasa Akimoto, a member of the Liberal Democratic Party — the ruling party in the country — put forth a question toward Finance....
Authorities in Japan are planning to introduce tougher new rules for crypto operators as part of efforts to prevent Russia from using cryptocurrencies to evade sanctions. The legislative initiative comes after Tokyo asked digital asset exchanges to strengthen transactions monitoring this month.
Government of Japan to Close Loopholes for Russians in Crypto Space
Amid concerns that Russia and its elites may employ cryptocurrencies to circumvent international sanctions, Japanese authorities are going to stiffen regulations for cryptocurrency exchanges. The platforms will be....
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....
The Japanese Virtual Currency Asset and Exchange Association (JVCEA) is considering loosening restrictions on coin listing. With a $1 trillion cryptocurrency trading industry, Japan is changing its perspective and innovating by making it easier to list digital tokens. The listing rules in place require prospective digital coins to go through a lengthy coin listing screening […]