Bitcoin Forum

The country's legislature passed a law, following months of debate, that brought bitcoin exchanges under anti-money laundering/know-your-customer rules, while also categorizing bitcoin as a kind of prepaid payment instrument. It's a debate that began in the wake of the collapse of Mt Gox, the now-defunct bitcoin exchange that shuttered after months of growing complications and, in the end, revelations of insolvency and alleged fraud.

You could read more about it: http://www.coindesk.com/japan-bitcoin-law-effect-tomorrow/

The fact that their exchange will force users to KYC verification is kinda bad news, but in the same time, this should somehow make people trust bitcoin more since the Mt.gox disaster happened.

As we all know, KYC itself violates one of the base principals with which Bitcoin was created. We'll see how this pans out. I guess we might have slightly less (real) movement on Chinese exchanges...

In a lighter note, after legislation, Japan doesn't seem to be hostile to Bitcoin... Which is a big plus.

several countries have been making plans to implement their own digital currency, but only because of the regulatory need few countries have been progressing. One amongst is Japan, which is moving forward with structured procedures so that it won't go as a scam as well won't affect the people who have invested hard savinga.

After you buy the bitcoin from the exchanges, you can mix it, so that nobody knows it is from you.

KYC shouldn't be a problem , actually it may be better for exchanges in order to prevent them scamming since KYC usually means that the site is regulated
if you want to buy bitcoin anonymously then you can find a better way like P2P or using the currency exchange section here in the forums
so don't worry about KYC

Hmmm interesting. I bet japan has big investors nothing like china or anything but I wonder if this may have negative effects on prices?

Don't know about own digital currencies, but this is about Bitcoin. Legislation is much different than it would be from a own digital currency.


Yes, but this isn't ideal. Anyways, one can buy from LocalBitcoins too.

Good news,about  KYC   fiat money market is regulated it means btc=money in Japan,there is a lot of interesting in btc from japanise financial companys,so it is all good in long term

Countries around the world are slowly getting the hint of a $20B marketcap currency and it's growth over time, they might regulate exchanges, prosecute mining farms or shutting them down that only will result in more need of trusted and reliable mixers.
Now that they're regulating exchanging services it will open some doors for mass adoption and same time the masses would hesitate to lose because of sharp fluctuations but again the sharks (wolves) of the market shall flood the market with new blood (money-capital) to take their profits as day traders.
And another outcome would be the people seeking anonymity and see value in privacy to lean towards the underground/darkweb/unregulated exchanges/p2p trades/in cash trades and basically any possible way to stay unknown.

If not a 1st April joke, what would change for the consumers?

The exchanges will have more work and be safer, but what would the consumers be able to do that they aren't right now?

I think the government will not care about the principles or privacy, they will search whatever it is to take control when there is something that violates their system.  Money laundering is a serious offense and the money involve is so huge the volume on bitflyer.jp almost explode in a day, if not monitored the yakuzas will soon be doing all their work with bitcoin.

News I think is good for bitcoin, the more its being mentioned on the news the more people get to be interested to it. Bitcoin will soon rise still.

Even with KYC, this is still a good development for bitcoin. We know it is really hard for a government to accept bitcoin without giving them something like KYC. They like to think they have control over things.

I think something like that is a good thing to a certain extent, but requiring know-your-customer laws typically isn't a benefit for something like this. Chances are it won't mean much for most users beyond them having to take more of their ID and give it to the exchanges they use. I have a feeling most whales in Japan won't really care about something like this.

Will it hurt the little guy? Doubtful, but we'll have to wait and see.

It will implement the KYC rule but as the governments have started to work for bitcoin more people will know about bitcoin and if the governments continued positively for bitcoin then nothing can break its power and it will sooner become a world currency. I like the step for it from Japan. I do not think that it will have negative affect on bitcoin.

I agree, crimes are something that shouldn't be taken lightly, however innocent people have to pay for other people's errors... But there's no easy way to sort "legit" and "non legit" people unfortunately.

Bitcoin will probably have some new investors if it is more regulated, maybe "wall street" kind of people will come... Which can be good. We'll see :)

if an exchange is going to touch fiat. then expect fiat regulations to apply.
you cant escape having fiat as part of your business by thinking the bitcoin half of the business absolves the fiat side.

if an exchange doesnt want fiat regulation then remove the fiat funing and just be an altcoin<>bitcoin exchange.

for me, nothing will really effect if you are not using your bitcoin to launder because of criminals. just like what China has just did to regulate bitcoin.

however, the law of regulating bitcoin might result in less merchants to use bitcoin due to possibility of tax. unless this law will increase the popularity of bitcoin and bring a better liberty of transaction.

KYC is fine. As long as the exchange asking for KYC is truly a legally registered company. It would mean better security for the customers as they'd know where to go in case something happens. I hope more countries would step up.

This is why I prefer local exchanges that are operating legally within the country. If the country supports Bitcoin and Exchanges, I'd have to do KYC, yes, but that also means the exchange pays taxes and they abide by laws, which means I have protection.
My BTC won't just up and disappear! Plus, there'd be excellent customer service.
My country classified it as remittance (sort of.and no taxes ;D), the exchange pays taxes, I do KYC and I get protection and good service.

I have no problem with Know-Your-Customer (KYC) rules even if it somehow contradict one of the principles laid down by Bitcoin. We could not live in a vacuum world and for Bitcoin to go mainstream we have to adjust. If KYC can be the thing that can relax the governments and can make them stay away a little far from Bitcoin, so be it! This is better than battling the governments in many fronts. Here in my country, the top Bitcoin wallet service is requiring us to submit documents and even a selfie before we can fully use their services. As I have nothing to hide anyway, that poses no threat nor problem to me.

Thats a good idea.Just mix your coin using any services like Bitmixer,Coinmixer so that the government couldnot be able to trace your transactions.

It's definitely bad news in yes of the ease of buying bitcoins but it could help it seem more trustworthy in some naive people's eyes. I don't think it will affect the price either way, although it may affect the adoption rate in Japan.

Does that mean there will be bank in Japan that allow you to open an bitcoin account? I hope that will happen soon!

well even after KYC verification , you gotta admit that the country has progressed a lot in case of digital currency , well if the person s mixes it then it will quite untrackable . well my question arises that if you dont do any bad stuffs then why do you worry so much in getting  the  KYC verification doen .i think it is for their personal benefit that they have started this and i would say that it is the best interest of this country and it will help progress the country.

Nope, I don't think it will have negative effect on the prices, on a the contrary thevoricescarevlij lyvto ehoot up after a he acceptance. Japan is a world power with a big economy so they are likely to affect the prices positively with their decisions.

I don't think this will be a problem at all. Yeah, we all know that KYC policies sucks and it counters the base principle of Bitcoin which is anonymity. But, we must check the bright side of it. This will only provide good image for Bitcoin to the normal people. They will see that Bitcoin is somewhat "regulated" thus giving them a sense of security when they are going to put their money into BTC. I believe this will affect BTC in a positive way in terms of price movement.

It's still possible to know that you bought bitcoins, you could get into issues with the IRS like the current situation with Coinbase. In addition to that, people don't want to pay extra fees for mixing services and go through a long process just to get their bitcoins.

Will this have any real effect though?

KYC verification and regulations are not bad news to bitcoin but rather it is the link between bitcoin and the government. Here in the Philippines the exchange has followed the AML and KYC regulations but yet the bitcoin industry in our country is booming and lively. With KYC and AML regulations being set the government will not hold bitcoin back and that is the moment when big investors will jump in to bitcoins.

For me, its not really a big deal to me. That's all exchange are doing now. KYC i think don't affect the price of bitcoin. Government just want to regulate exchanges because bitcoin can be use for money laundering. We can't avoid the law. I don't see it has huge impact at the price. We rarely see decentralised exchange these days. We dont have much options.

Agree

The more regulated exchanges, the more likely the final ETF will get approved (they want to see the majority of bitcoin trading volume on regulated exchanges before they giove the go-ahead).

Anyone knows where Japanese bitcoin people gather to meet ? Somehow Bitcointalk does not seem to have a Japanese section, however it has a french, chinese and even israeli one.
Odd :-\

This is a quite good news,  It can push the price of exchanging crypto to cash higher, in some countries with these sorts of regulations we see here and there

One thing we must begin to accept now is that we have to make some adjustments in bitcoin principles if we want government recognition.
Without government acceptence of bitcoin as a financial instrument, we can not expect btc to become mainstream.

This is good new. I've never had problems with KYC, I actually find it reassuring. I've only handled money in exchanges (too timid to try trading) and I'm still fine with this set-up. With Japan joining with countries that acknowledge bitcoin as a means of payment, we can expect more people to start using it. Could this be the reason for the slight rise in prices today?

As for people anxious that the government would use their oversight on exchanges to track transactions, there are mixing services that you can use. I personally don't understand the hesitation, probably coz I'm only using bitcoin to store a bit of saving and holding on to them.

Japan is very well know country in the world. Knowing how strong they do support in digital currency proves that digital currency is not scam. You can ascertain that digital currency is a very significant tool to make an advantage in the nation.

basically this is a pleasant news. when a large country like Japan could start accepting bitcoin, the economy of the bitcoin market confidence is increasing. This is a very positive change.

I was reading this information yesterday, everything went well, and this is a good thing for bitcoin. Any country that legalizes bitcoin will have its own rules, and I hope that the laws of Copy will not be harsh, I hope it is suitable for everyone, because then bitcoin will have qualified to thrive. Maybe, next time, a lot of companies and bitcoin businesses will spring up in Japan, it will be like in other countries, typically Canada, in waiting for a bitcoin city to emerge in Japan.

I wouldn't be surprised if governments declares illegal the mixers (i would vote pro) because a mixer can hide the transactions of terrorists,criminals, corruption, online scammers, etc, even so ,such websites will still exist just like the ones with pirated movies,games,apps for download. (file hosters or not) ;D
Mixers are a big problem and should be hunted down by agencies.

Bitcoin should be treated the same way any other currency is treated. This way local laws are not very important because in general currency laws are positive.
Same law for all crypto's. It's as simple as that.

The country passed the law even after months of debate over the regulation of bitcoin exchanges. It's a debate that started from the collapse of Mt.Gox, an exchange that closed after months of complications and ultimately revelations of alleged fraud and bankruptcy. According to the Japan Financial Services Agency, this law takes effect on April 1, establishing capital requirements for exchanges, as well as cybersecurity and operating contracts. In addition, these exchanges will also be required to conduct employee training programs and undergo annual audits.

No it does not mean that there will be a bank account of bitcoin in japan but it is only the process towards that I mean a step towards that. If the governments started to take interest like that then one day banks will be started by the governments.

apply to Veritifikation KYC in exchange is a way of state legal formalities and online transactions that bitcoin is acceptable in a global transaction, the possibility of the country experiencing inflation fears and money laundering against the national currency. This arrangement can also help advertising against to wider community, and bitcoin requires the legality of state in order to be justified. although it will lose anonymous in transactions on the exchange, and which would eliminate the little anounytas in exchange, but did not lose anonymous transactions between users

It is a good news and with the positive news coming out of Japan the price of bitcoin started moving and with the Indian parliament making a decision about bitcoin in the wakes of an MP claiming bitcoin to be a ponzi scheme this is a positive news to showcase when they make their decision about it and even with KYC it is not an obstacle but it is against the fundamentals of bitcoin and we can do nothing about it rather than moving with the flow.

Something legal would be a lot more attractive than something that is uncertain or does not yet have legal proof. So if indeed Japan Trust bitcoin as payment, it will be more and more people are using bitcoin in bitcoin. And you need to know if more and more users bitcoin then will be higher prices, because indeed the level of demand will be much greater than the availability stock in trade.
 

Yup that's a really good news in a long time related to bitcoin. If japan actually decided to adopt the coin that means that the number of bitcoin holders will be shared equally and if japan population showed interest in it then we could also see a bump in price coming soon.

For what Japan did, is a big factor and advantage to all bitcoin enthusiast like us to share bitcoin to our friends.  And I guess because of this things the price value of bitcoin will go up again just like what the price right now. And because of this thing also it maybe attract the other investors to get interest into bitcoin. ;)

I think it's fine what they are doing.
If they put bitcoin exchanges under anti-money laundering/know-your-customer rules, they give bitcoin some kind of trust reputation.
And trust is something bitcoin can use very well!
I think it's a good step, especially in an industry nation such as japan!