Countdown: Bitcoin Will Be a Legal Method of Payment in Japan in Two Months
Bitcoin will soon be legally recognized as a method of payment in Japan. The bill with provisions for cryptocurrencies has recently passed through the period of public consultation and will enter into force in April. Bitcoin.com examines what the bill means and how it could affect Bitcoin with Special Counsel at Anderson Mori & Tomotsune, Ken Kawai,....
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Legislation making bitcoin and virtual currencies legal currency took effect this month in Japan. The country’s Financial Services Agency released a text of the law last week. The Accounting Standards Board of Japan will create a framework to determine how the accounting sector can address digital currency. According to the Nikkei, the process is expected to take six months. Accounting Standards Still Needed. Many companies expressed concern that the government has not provided guidance for the accounting of cryptocurrencies. Chikako Suzuki, a partner at PwC Aarata, told Nikkei Asian....
According to IndieSquare Co-founder Koji Higashi, new regulations in Japan, which will make Bitcoin an official form of payment, may do more harm than good for the fledgling industry in the country. Japan to Introduce Own ‘Bitlicense’. Following the disastrous demise of the infamous Japanese exchange, Mt. Gox and the arrest of its CEO Mark Karpelès, regulators in the country decided to introduce regulations for Bitcoin. The regulatory framework has been in the works for over two years. The first bill was submitted to the Diet in Japan (the legislature consisting of the Lower and the Upper....
Over the past two days, Bitcoin price stabilized at $1,215 primarily due to the increasing adoption of Bitcoin in Japan. On April 1, the Bitcoin legalization billdraftedby the Japanese government’s Financial System Council was taken into full effect, officially recognizing Bitcoin as a legal payment method. As a result,businesses began to integrate Bitcoin paymentsand offer the digital currency as an option to consumers. Most notably, one of Japan’s largest electronics retailer chain Bic Camera announced its partnership with leading Bitcoin exchange bitFlyer to allow their customers....
The parliament of Japan has approved a draft law tailored to regulate stablecoins in the country and protect investors. The new legislation is among the first to be introduced after the recent collapse of the algorithmic stablecoin terrausd.
Law on Stablecoins Approved in Japan in Aftermath of UST Collapse
Lawmakers in Japan have passed a bill designed to determine the legal status of stablecoins. The authors of the legislation have effectively defined these cryptocurrencies as digital money, Bloomberg reported following the vote on Friday.
With the new law, Japan....
Creating a healthy regulatory ecosystem for Bitcoin and digital currency will not be an easy task. The Financial Services Agency in Japan will soon present their plan to regulate this new breed of finance, although it will have little to no effect on the current way of taxing Bitcoin. Bitcoin is often frowned upon for its alleged lack of regulatory guidelines when it comes to using the digital currency as a method of payment. However, people tend to forget various countries around the world are treating Bitcoin as either an asset or currency and impose taxation upon usage of the digital....