Regulation of VC exchanges approved by Japanese Parliament

Japan’s Parliament on Wednesday passed a law that was introduced to the Chamber in March 2016 to regulate virtual currency exchanges. This is an amendment of the Payment Services Act in Japan; for more...

Japan edging towards Payment Licensing for Virtual Currency Exchanges

Bitlegal reached out to FSA to discuss pending regulations of Virtual Currency (VC) exchanges. On 4 March 2016 a Bill was introduced to Diet (parliament) to regulate convertible Virtual Currency (VC) exchanges. The purpose of the...

Japan to Define Cryptocurrency as Money

Cryptocurrency was previously defined as "objects" and was not regulated. Now legislative proposal by Diet will make cryptocurrency on a par with government currency, meaning crypto exchanges and other crypto intermediaries will need to register...

Japanese FSA to look at role of blockchain technology in solving market problems

Japanese FSA announces a general meeting of the Financial System Council to discuss concerns surrounding high-frequency trading affecting the "efficiency, transparency and stability of the markets". One of the topics of discussion is whether blockchain technology can...

JFSA Fintech Support

Japan now regulates blockchain digital currency. Exchanges are required to obtain licensing as a payment institution in Japan to operate their business (see previous article covered by Bitlegal for background information). This is a short note that...

Bitcoin VAT reform in Japan?

Japan in news again, this time on tax. Current VAT taxation of bitcoin transactions at 8% hurting competitiveness of Japan in blockchain industry. Nikkei article published that Liberal Democratic Party member asking Finance Minister for reform in this...

New Cryptocurrency Rules Discussed by Japan’s Financial Services Agency

On Monday, the Japanese Financial Services Agency panel decided that Japan needed to improve its oversight mechanism for cryptocurrencies. Back in June, the Japanese government started to consider new regulations to combat the threat...