Japan Introduces Regulations for Bitcoin Exchanges
Japan will soon have new regulations governing the Bitcoin industry as the Japanese parliament. Diet, the country’s bicameral legislature, approved a bill on regulation of virtual currency exchanges. The bill calls for a revision of the existing fund settlement laws originally designed for fiat currencies to accommodate Bitcoin and other digital currencies. By doing so, the government intends to offer better protection to digital currency users in the country. Japan has been in the forefront of the digital currency evolution. It is worth remembering that the world’s largest Bitcoin....
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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....