Japanese Regulators Propose FSA to Treat Bitcoin as Conventional Currency
The newly revised legislation submitted by the FSA defines any digital currency as a conventional currency if it operates as a legal medium of exchange that can be used to purchase goods and services. Japanese financial regulators have proposed the Financial Services Agency (FSA) to handle digital currencies such as bitcoin as a conventional currency. The newly revised legislation submitted by the FSA defines any digital currency as a conventional currency if it operates as a legal medium of exchange that can be used to purchase goods and services. The legislation states that digital....
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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....
Japanese legislators officially proposed handling virtual currencies as methods of payment on February 23, Nikkei reports. This would mean that virtual money, such as Bitcoin, would become the regulatory equivalent of conventional currency. Legislators of the financial services industry believe that this move could potentially strengthen consumer protection and create growth in the virtual economy. At the moment, Bitcoin is recognized as “an object,” but it is not considered equal to more established forms of currency. The proposed changes to the definition of virtual currencies would mean....
Popular social messaging platform Line issued payment tokens for an online game, but that decision may backfire on the company very soon. Japanese regulators feel Line broke rules, which means the company is subject to a financial sanction. Payment Token Line Crossed. Most people know Line as the social messaging app, which has become incredibly popular....
Australia chooses not to treat bitcoin as currency. Australia's Tax Office has spoken, and it has declared that it will not treat Bitcoin as money or as foreign currency. It has instead opted to treat Bitcoin transactions as barter transactions, in a move that would have far reaching implications on Bitcoin use down under. Australia's Approach to Definition of a Currency. Definition of a currency or money in Australia falls under the Currency Act. To summarize, the Australian Currency Act permits transactions relating to money in Australia only to be undertaken using Australian currency or....
The Japanese Financial Services Agency (FSA) is set to hold an official meeting by the end of 2016 to end sales tax on Bitcoin. If passed, it will reduce prices at Japanese exchanges by 8%. National News Channels in Korea and Japan praised the FSA’s move. Earlier this week, the Japanese Finance Ministry announced its plans to end sales tax on Bitcoin by....