Members of Japan's national Diet, its bicameral legislature, proposed changes to current legislation today to include a definition for virtual currencies under domestic law.
According to Nikkei, the definition sought to emphasize their "asset-like values" and use in online payments. The text reportedly suggests bitcoin's similarities to fiat currencies such as the US dollar and yen, though, according to Reuters it has been defined as "property value".
The change, if passed, would mean digital currency exchanges would have to register with Japan's Financial Services Agency (FSA), the country's top financial regulator, a move that lawmakers believe will increase oversight of the industry and guard against the risk of money laundering and terrorist financing.
http://www.coindesk.com/japan-definition-bitcoin-regulation-exchanges/
