Japan Government Plans to Draft Bitcoin Regulatory Bill in Early 2016

Recently, the Financial Services Agency (a Japanese government organization responsible for supervising banks, securities, and exchanges) held a discussion with virtual currency exchange operators and Bitcoin experts, who expressed their opinions and views on Bitcoin regulation and policy.

Japan’s Financial Services Agency plans to introduce a regulation early next year in response to a regulatory vacuum left unleashed by the arrest of MtGox CEO Mark Kepler, who ran the world’s largest bitcoin exchange.
———— Taro Aso, Deputy Prime Minister and Minister of Finance of Japan"

It is reported that the Japanese government will initiate a regulatory bill for digital currencies (including Bitcoin) after completing its extensive research on digital currencies and dealing with the Mt. Gox incident.

"We have to conduct research on how the government should regulate the use of virtual currencies," Aso was quoted by The Japan Times as saying at a news conference.

Aso also mentioned New York's Bitlicense, which requires digital currency exchanges in New York to register and apply for a legal operating license. In addition, Japanese law enforcers and regulators plan to introduce KYC policies in the document, requiring digital currency exchange operators and startups to record sensitive financial data and customer information in accordance with the law.

The potential of blockchain

According to a publication released by Japan’s Ministry of Economy, METI, the Japanese government has recognized the potential of Bitcoin blockchain technology, believing that it has the potential to transform and innovate the existing traditional financial system.

“It is widely believed that blockchain technology will have a huge impact on the entire financial industry. Some say that blockchain technology can reduce the fees of financial institutions to one-tenth or even one percent of the original cost, and even fintech companies will be affected,” said the report released by METI.

It is reported that the Japanese government and regulators will consider the advantages of Bitcoin technology and plan to draft a regulatory draft for Bitcoin exchanges and startups early next year.

Original article: http://www.newsbtc.com/2015/11/22/japanese-government-to-draft-regulatory-bill-for-bitcoin-by-early-2016/
By Joseph Young
Compiled by: Satuoxi
Editor: Satuoxi
Source (translation): Babbitt Information