Japan Passes Law to Increase Regulation of Bitcoin Exchanges
Operators of “virtual currency” exchanges in Japan will have to register with the country’s main financial regulator after the national parliament’s upper house passed a new law today. The Japanese Financial Services Agency (FSA) will also have the power to conduct on-site investigations and issue administrative orders, according to a report in the Japan....
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The Diet in Japan (the legislature consisting of the Lower and the Upper Houses) has passed a bill today that mandates the regulation of bitcoin and virtual currency exchanges by the Financial Services Agency (FSA) in Japan. Japan has enacted a bill today that will see the regulation of operators of virtual currency exchanges, a Japan Times report revealed. The revised law will see virtual currency exchange operators mandated to register with the Japanese Financial Services Agency. The bill also enables the agency to have the authority to conduct on-site inspections and will require....
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 […]
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....
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....
It is good to see Japanese retailers embrace bitcoin payments all of a sudden. Bitcoin is starting to gain mainstream traction in Japan. Earlier this month, the government introduced a new regulation legalizing cryptocurrencies. As a result, two of Japan’s largest retailing groups will enable bitcoin payments moving forward. In doing so, the groups aim to promote bitcoin as a mainstream payment method. An interesting turn of events, and one that spells a bright future for bitcoin. It is good to see Japanese retailers embrace bitcoin payments all of a sudden. Bic Camera, a major electronics....