Will Japan regulate Bitcoin?

Japanese regulators think about accepting digital currencies like Bitcoin legally as payment. This digital currencies in Japan would be then a legally equivalent to conventional currencies such as the Yen. The Japanese magazine Nikkei reported that the Japanese Financial Services Agency (FSA) is currently examining whether digital currencies meet all “criteria for classification as currency”.

“Digital currencies are seen so far as an object and not dealt with their more established currencies on an equal footing.” “From the perspective of the FSA digital currencies must be able to be used as a medium of exchange for goods and services. They must also be interchangeable and traded as legal tender. ”

If the new regulation actually come into force, the financial institutions must register with the FSA to a collapse like Japanese Bitcoin exchange Mt. Gox in 2014 to prevent. The news reached the midst of a discussion about how Japanese markets for digital currencies with respect to valid money laundering laws and the know-your-customer (KYC) procedure should be treated in the future.

The magazine Nikkei also points out that the change probably within the 190th legislative session (Diet) is enforced. The Diet session runs from 04 June to 01 June 2016. All legislative changes must be decided prior to the conclusion of the session.

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