Japan Accepts Bitcoin as Legal Payment Method. What’s Next?
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....
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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,....
How you can now pay with bitcoin using Verotel. Verotel, a payment processing site, now accepts Bitcoin. Verotel is a payment processing platform that accepts most major credit cards and is very popular, especially for subscription payments on adult websites. The company released a blog post today announcing their acceptance of Bitcoin: Membership websites can now accept Bitcoin payments. If you wish to offer your customers to pay by Bitcoin you need to create new membership options with payment method “Bitcoin” in the Control Center. The order page will then offer Bitcoin as a payment....
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....
SBI Motor Japan is now accepting bitcoin and another cryptocurrency in an effort to provide cross-border access to used-cars for unbanked users.