THELOGICALINDIAN - Since the arrest of above Mt Gox CEO Mark Karpeles in August the government of Japan has been complex in assorted authoritative initiatives and investigations led by its law administration and civic aegis agencies to bind and absolute the use of bitcoin and operations of cryptocurrency exchanges startups and organizations in the country
Involvement of the Financial Services Agency (FSA)
Recently, the Financial Systems Council, a Japanese government alignment amenable for administering banking, balance and barter led a altercation abutting by basic bill barter operators and bitcoin experts to accede their angle and ability of bitcoin regulations and policies.
“The FSA affairs to acquaint a authoritative apparatus as aboriginal as abutting year in acknowledgment to the blank exhaustion apparent by the arrest of MtGox arch Mark Karpeles, who ran what was already the world’s better bitcoin exchange.”
Taro Aso, the Deputy Prime Minister and Minister of Finance appropriate the development of a authoritative bill for agenda currencies including bitcoin, afterwards the Japanese government completes its all-encompassing analysis on Bitcoin, and Mt. Gox incidents which led to a massive banking aspersion beyond the country.
“We accept to backpack out studies on how the government should adapt the use of basic currencies,” the Japan Times quoted Aso at a account conference.
Aso proposed New York’s Bitlicense like document, which requires bitcoin exchanges to annals and administer for a authorization to accurately accomplish in the country. Moreover, the Japanese law administration and regulators plan to accommodate a KYC action in the document, which will crave agenda bill barter operators and startups by law to almanac acute banking abstracts and chump information.
Potential of the Blockchain Technology
According to a advertisement appear by Japan’s Ministry of Economy, Trade and Industry (METI), the government recognizes the abeyant of Bitcoin’s blockchain technology, and its adequacy to transform and accommodate absolute acceptable banking systems.
“There was an assessment that blockchain will accept astronomic appulse on the accomplished banking industry. It was said that blockchain technology is able to cut banking institutions’ amount to 1/10~1/100, and alike fintech companies will be afflicted as a result,” apprehend the address released by METI.
The Japanese government and regulators will accede the advantages of Bitcoin whilst drafting the authoritative bill for bitcoin exchanges and startups.
Reference
Mt. Gox ran out of money six months afore activity bust. (2015, August 4). Retrieved November 22, 2015, from http://www.japantimes.co.jp/news/2015/08/04/national/crime-legal/mt-gox-ran-money-six-months-going-bust/#.VlHK2HYrJD-
Bitcoins: Japanese regulator discusses new cryptocurrency rules- Nikkei Asian Review. (2015, November 17). Retrieved November 22, 2015, from http://asia.nikkei.com/Politics-Economy/Policy-Politics/Japanese-regulator-discusses-new-cryptocurrency-rules
Japan Ministry of Economy, Trade and Industry FinTech Group Second Meeting. (2015, November 9). Retrieved November 22, 2015, from http://www.scribd.com/doc/289131216/Japan-Ministry-of-Economy-Trade-and-Industry-FinTech-Group-Second-Meeting
Photo Taken by John Slmm: https://www.flickr.com/photos/jtsretired/11826598925
