Japan Debates Regulating Bitcoin as Currency; Banks Eager to Study Blockchain
Japan recently made headlines by announcing that its government was considering defining Bitcoin and other digital currencies as currency rather than commodity. This was confirmed by Tomonori Kanda, representing the financial affairs section of the Liberation Democratic Party (LDP). He told The Guardian that the plan was to bring the matter up in....
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In the race to adopt Blockchain technology and cut costs, financial firms have to deal with multiple challenges. Japanese financial firms have been hit by the most basic of them of all – a shortage of technical experts. Japan – regulation a positive. The Japanese government has been active in regulating cryptocurrency-based companies. A new law has been passed regulating Bitcoin exchanges, after the Mt Gox debacle. The Japanese Government passed a bill in May 2016, which recognized that virtual currencies have a function similar to money. Japan has also eased regulations, now allowing....
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....
The Japanese Cabinet, this morning, declared that it does not consider Bitcoin to be a currency, reports Reuters. Japanese government says it may tax Bitcoin deals and impose regulations on its handling by the financial sector - details of which have not yet been specified. Not Our Job. There seems to be some reticence between Japanese authorities to address the matter of cryptocurrency. In today's statement the cabinet said: “Any bitcoin transactions are taxable when they fulfill requisitions stated by laws on income tax, corporate tax and consumption tax.” The Financial Services....
Japanense think tank Nomura Research Institute (NRI) has announced it will study blockchain technology to assess its use in the securities sector. Founded in 1965, the organisation is Japan's oldest private think tank, offering consulting services and provides IT solutions for various industries, including finance. The study, due for completion in January, will inform "opportunities for practical application," the NRI recently announced... A company spokesperson told CoinDesk: "We have done work on blockchain technology before this project, but it was internal. This is our first time to....
There is an increasing interest for blockchain technology in Japan, as NRI and Japan Exchange Group have started a new distributed ledgers trial. What makes this announcement even more appealing is how other major financial institutions are part of this collaboration as well, and the securities industry is one area where the blockchain can make a significant impact. NRI and Japan Exchange Blockchain Study. Many financial institutions around the world are taking a keen interest in blockchain technology, as there are a lot of opportunities and possibilities waiting to be explored. Nomura....