Published On: Thu, Feb 9th, 2017

Japan’s Legal Bitcoin Could Do More Damage Than NY BitLicense

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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 Houses) last March, and the Payment Services Act and the Act on Preventing of Transfer of Criminal Proceeds were amended in May 2016. Now, new drafts for detailed regulations and guidelines have been approved.
The new law, which is to be introduced in Japan this Spring, is meant to protect consumers and to help them distinguish safe, i.e. approved exchanges, from fraudulent operations.
The law also recognizes approved cryptocurrencies as a legal method of payment in Japan, preventing users from investing in so-called scam coins, fake digital assets, and IOU …

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