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Japan to begin supervision of cryptocurrency exchanges

Financial watchdog flying blind in brave new world of virtual currencies

  © Reuters

TOKYO -- Japan is to introduce oversight on virtual currency exchanges next month, but authorities are still hashing out how to do so, mindful of the need to implement tighter regulation while leaving enough breathing room for continued growth of the rapidly evolving market.

Challenges on the Financial Services Agency's plate include settling on accounting rules for cryptocurrencies as well as deciding how to handle initial coin offerings, or ICOs -- a fundraising method akin to an initial public offering, where bodies issue virtual tokens instead of shares.

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