Bitcoin Forum

Hi Guys!!

Japan has enacted a bill today that will see the regulation of operators of virtual currency exchanges... a Japan Times report revealed it... The revised law will go into effect within a year of its promulgation.

http://www.japantimes.co.jp/news/2016/05/25/business/diet-oks-bill-regulate-virtual-currency-exchanges/
 (http://www.japantimes.co.jp/news/2016/05/25/business/diet-oks-bill-regulate-virtual-currency-exchanges/)

The regulations will help improve the trust in the virtual currency? how? why?

Nothing new, for legal exchanges it is required almost everywhere to keep records of anyone buying/selling currencies and for that all the users who trade at those exchanges will be required to provide KYC documents. The regulations helps as users can buy/sell with confidence without having to worry about getting scammed and/or getting arrested. These regulations though may appear bad as they take away your anonymity of buying/selling BTC but it is good for long term mainstream adoption.

BTC

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I'm not one who believes a 'free market' resolves all. So far in cryptoland 'free market' appears to equal nothing but raping innocents. If you're in charge of other peoples' money then you should be nailed to the wall if you fuck up and you should jump through multiple hoops before setting up. It's a positive in my eyes.

Now what should those rules be? Do you trust our government to allow us unfettered access? They could easily claim the "national security" to restrict access to some sites. But...

after i lost everything in mtgox im not surprised...

So this news should be interesting for you. http://www.theregister.co.uk/2016/05/25/kraken_mtgox_bankruptcy/ (http://www.theregister.co.uk/2016/05/25/kraken_mtgox_bankruptcy/)
You might be getting some of your lost coins back.

Also this: http://blog.kraken.com/post/144960310242/kraken-announces-major-update-in-mtgox-claims (http://blog.kraken.com/post/144960310242/kraken-announces-major-update-in-mtgox-claims)

This is good news considering that exchanges have been so risky and some have lost a lot of BTC with no recourse.  In order to bring new investors and users to bitcoin and crypto there will need to be a sense of security. 

I think it is just a kidding. I don't think so that such think has happened in japan

congratulation now we can say that the future of bitcoin is very bright. that is a very very constructive step in favour of bitcoin. but i think still it will take some time to be pass from assembly and then from scenet.

yes i have heard the news some days before, my friend was talking about that he watched on social media that japan has passed a bill about bitcoin regularization. i think that is good step about the legalization and acceptation of bitcoin through out the world.

if they have pass the bill about regulating bitcoin exchange its mean that they have legalize bitcoin. that is such a good idea. i think this step will really increase the value of bitcoin.

yes that is a fact and i think that is the reason that the price of bitcoin is increasing gradually. if this news if a true news then it is conform that the price of bitcoin will increase and may be cross 1000 USD limit.

we are hearing this news again and again some time on social media and some time from our friends and in bitcointalk. but still there is no conformation about this statement. i dont know either is for real or just the expectation.

if it is true and they really passed the bill about the regulation of bitcoin exchange it is really a very good news in favour of bitcoin.i think it will really promote bitcoin and it will be a very positive effect on the price of bitcoin.

I have yet to catch a news snippet or article to confirm this. But it makes sense, Gox was epic and I think other governments are waiting to see how Japan prevents this from happening in the future. Notice how most governments are uncharacteristically hands off with cryptos. Guy makes a new fiat, goes to jail. Guy mints a new gold coin, same thing. But bitcoin, despite the obvious boon it provides for money laundering, is pretty much unmolested. They simply want you to pay taxes. Seems like they aren't taking it seriously, which I doubt, or there is a longer term strategy at play.

i have no idea either these are true news or false but one thing want to tell you that in future you will see that not only japan but about all the countries of the world will regularize it and will legalize its trading.

yes that is a fact. that will be very helpful in improving the position of bitcoin. i think that is a very good news to be hear. hope that now bitcoin will really become a permanent curry in the whole world and all the people will trad it equally in all over the world/

I believe this act will put the Japanese more at ease.They can trade without having to fear that the other person will disappear with their money.

if it is  true then it must be a very good news for the future of bitcoin. because that will be really a very good step in the favour of bitcoin. i thin after that so many other countries will also take step to regulate it.

this regulated exchange will result in un anonymous of every user registered in it. maybe with this details they can misuse it for us or it will just disobey the bitcoin feature. hope they are trying hard to keep the users privacy strong.

so its mean that they have legalize betcoin. but still there is no conformation about that they japan has regularize or legalize bitcoin.

I don't think one country effects bitcoin in total, however in some aspects it is good for bitcoin and crypto in total  because it introduces them to public and in another is to regulate and take taxes which makes any services related to crypto a lot more expensive in that country.

The Mt Gox disaster put bitcoin on the fridge.
That incident proves just that.  :( Mark Karpeles did massive harm to bitcoin...

Interesting.

Now Japan needs to pass a bill to regulate their war crime history.

Cuz that is the most frightening about that country.

~CfA~

Here we are quite some time later. Have we still not had a single shred of mainstream media about this? I have seen more about Karpales recently than I have this.

Please explain what you mean by 'regulate' but in any case, if in doing so the Japanese goverment decide to use BTC to conduct their own buisiness ( for transaction efficiency ), it would be great news for BTC.

Japan's financial services regulator is considering recognizing Bitcoin and other virtual currencies as equal to their real-world counterparts. The news comes via Nikkei's Asian Review, which claims that authorities want to improve customer protection to avoid another . When the Japan-based Bitcoin exchange went offline, a number of people lost a substantial sums of money that it was holding. They were unable to seek compensation, however, since Bitcoins weren't considered real property, and a subsequent court case affirmed that stance.

We cannot blame Japan will protect their citizen against money laundering an you emagine howe big is the network of BTC it is more than a GNP of a small country.Mt. Gox is the typical example they don't want it to happen again in the future, can you imagine how it would be if it happen again how tremendous  affect the economy of the nation,

This will have an impact on bitcoin progress if the government contributes to bitcoin sets, public confidence will be greater and impact on bitcoin price increases because the number of bitcoin users will increase rapidly and this will be an improvement in modern transactions. but I am not sure if this will be good against bitcoin because of course the government will enact new rules for bitcoin users.

Japan's enacting a bill to regulates for their cryptocurrency exchanges is a form of safety nets that provides protection for their citizens that uses virtual money against unlawful activities. Some central bank officials in the Philippines are also making their moves by creating a regulatory guidelines for digital assets like bitcoin and their exchanges.

it is a good step to mainstream transactions between traders and keep scammers away, but in other side hope that will not affect  the bitcoiners limits by solid restricts

This is the crucial step taken by Japan and this law now will play a vital role for other countries as well to start adopting the cypto currencies and then start regulating the exchanges like Japan. Through this way they would be able to track and also get the additional source of income via tax. Many countries which are under process of regulating and trying to figure out how to get this done now can get the understand and framework from Japan .

if it is  true then it must be a very good news for the future of bitcoin

I think it is more of accepting cryptocurrencies as the next generation of monetary system, i believe not all government can accept it yet but slowly but surely as like what japan did many countries will follow them when there is a good effects to the economy of japan.
As for the question yes it will build a trust for japanese businessmen as their governement accepts the legality of bitcoin being regulated in their country.

These Govt plays with people and they do what they want, despite many people who are invested in the past knows the lesson. I don't think still they fully announced for Bitcoin or any other Crypto currency regulation.

News comes everywhere and they can be Hoax too. I hope Japan had good news and future too.

The japanese step is correct. we just wait for the next japan government step to set bitcoin. The regulation should really safeguard the privacy of every bitcoin user, security, and legal protection for all forms of crime involving bitcoin. If the regulation ultimately has to levy taxes, I dont think that would be a problem.

You realize that you're replying to a post more than 1 year old and everything there has already happened and we all have experienced the effect?
You're just making assumption on how the crisis in 2007 will affect the world economy.


It is true, and as replied above, it's soooooo old and not news.

This story might still get a happy end.

Due to the Bitcoin bull run in 2017 the Bitcoins that are in the
Mtgox insolvency estate are enough to pay off all liabilities.
This is a pretty unique situation where a bankrupt company happens
to own an asset that has appreciated in value tremendously since
the announcement of the insolvency.

Someone should turn the Mtgox story into a movie.

I strongly agree with the bitcoin that has been endorsed by the Japanese state because they are starting to believe that bitcoin is the currency that applies in all countries so they begin to make the decision to set bitcoin as a legitimate transaction tool and make bitcoin very important to set by the government and utilized for economic progress of society.