Japan Proposes Definition for Bitcoin in Bid to Regulate Exchanges
Members of Japan's national Diet, its bicameral legislature, proposed changes to current legislation today to include a definition for virtual currencies under domestic law. According to Nikkei, the definition sought to emphasize their "asset-like values" and use in online payments. The text reportedly suggests bitcoin's similarities to fiat currencies such as the US dollar and yen, though, according to Reuters it has been defined as "property value". The change, if passed, would mean digital currency exchanges would have to register with Japan's Financial Services....
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The upper house of Japan's national legislature approved a bill on Wednesday to regulate domestic digital currency exchanges, a move that comes nearly two years after discussions about how to regulate the technology first began. According to a report by The Japan Times, the decision will now require digital currency exchange operators to register with the Financial Services Agency (FSA), the government agency that oversees finance activities in the country. The action also comes with a grace period for businesses affected, as it will not come into force until one year from its approval.....
The new set of crypto regulatory proposals in the U.K. aims to bring DeFi under the scope of the law on a case-to-case basis. The United Kingdom is actively looking to regulate the crypto market and has proposed many new policies to bring various crypto markets under the rule of law. However, among the various newly proposed suggestions, what turned many heads is the request to remove blockchain and Distributed Ledger Technology (DLT) references from the definition of crypto assets.BRITAIN SETS OUT PLANS FOR REGULATING CRYPTO ASSETS, PROPOSES TO REMOVE REFERENCE TO BLOCKCHAIN FROM THE....
BREAKING: According to Reuters, Japan will not regulate Bitcoin in the nearest future. Japan's Liberal Democratic Party has decided to go against Bitcoin regulation in the aftermath of the Mt. Gox failure. Bitcoin has been under scrutiny by the authorities in Japan, the temporary conclusion by the Liberal Democratic Party is therefor somewhat surprising. The Liberal Democratic Party lawmaker Takuya Hirai, who leads the party's internet media division, said on Thursday: Basically, we concluded that we will, for now, avoid a move towards legal regulation. He also told that a final decision....
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....
Japan and Portugal announce approval of new cryptocurrency exchanges in the nations. Portugal has approved two exchanges so far, while Japan has allowed Coinbase to function within the country. Japan Approves Coinbase Coinbase can finally start operations in Japan as the country’s top financial regulator has approved the organization within the nation. As of this […]