Japanese Bitcoin Regulation

The Financial Times reports that Japans recent Cryptocurrency regulatory framework “has been a boon” for the industry, particularly Exchanges.  The Financial Services Agency of Japan recently approved 11 operating licenses for exchanges with much more in the pipeline. This follows the successful amending of the Banking Act or soon to be known Virtual Currency Act. The Law defines digital currencies and provides a framework to recognise Bitcoin and other Digital currencies as legal methods of payment.  The direction that Japan has seemly taken, to regulate, is forward thinking and progressive.

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