ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronEye IconIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailMenu BurgerPositive ArrowIcon PrintIcon SearchSite TitleTitle ChevronIcon Twitter
Politics

Japanese regulator discusses new cryptocurrency rules

TOKYO -- Japan needs an adequate oversight mechanism for virtual currencies, including ways to confirm identities and block money laundering, Financial Services Agency panel members agreed in a meeting Monday.

     The Financial Systems Council invited operators of virtual currency exchanges to share their knowledge and regulatory ideas.

     There are about 10 million bitcoin users across the globe, including tens of thousands in Japan, according to the operators. Some 20 billion yen ($161 million) in bitcoins, each valued at about $400, are reportedly traded daily. While roughly 7,000 locations worldwide are said to accept bitcoins, just 600 or so are in Japan -- mostly restaurants.

     The meeting also touched on the need for registering exchanges and protecting customer assets. Participants also noted Japan's position of imposing consumption taxes on trading of bitcoins.

     The FSA plans to introduce a regulatory mechanism as early as next year in response to the oversight vacuum exposed by the arrest of MtGox chief Mark Karpeles, who ran what was once the world's largest bitcoin exchange.

(Nikkei)

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this monthThis is your last free article this month

Stay ahead with our exclusives on Asia;
the most dynamic market in the world.

Stay ahead with our exclusives on Asia

Get trusted insights from experts within Asia itself.

Get trusted insights from experts
within Asia itself.

Get Unlimited access

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this month

This is your last free article this month

Stay ahead with our exclusives on Asia; the most
dynamic market in the world
.

Get trusted insights from experts
within Asia itself.

Try 3 months for $9

Offer ends June 30th

Your trial period has expired

You need a subscription to...

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers and subscribe

Your full access to the Nikkei Asian Review has expired

You need a subscription to:

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers
NAR on print phone, device, and tablet media