[2016-03-04] Japan to adopt new safeguards for bitcoin users

[secone]

TOKYO -- Japan's cabinet approved new regulations Friday governing transactions involving cryptocurrencies such as bitcoin, aiming to improve transparency and protect consumers.

     Japan currently has no laws specifically covering cryptocurrencies and effectively treats them as objects. The new regulations designate bitcoin as a legal form of payment fulfilling the functions of currency.

     Although the 2014 bankruptcy of Tokyo-based bitcoin exchange operator Mt. Gox had stoked fears about the safety of cryptocurrencies, usage is back on an upswing. Japan now has seven cryptocurrency exchanges and an estimated 50,000 or so bitcoin users. Daily transaction volume has tripled over the past three months to around 600 million yen ($5.26 million). More than 1,000 stores now take payment in bitcoin, including restaurants, dentists and nail salons.


http://asia.nikkei.com/Politics-Economy/Policy-Politics/Japan-to-adopt-new-safeguards-for-bitcoin-users

[Kprawn]

In the aftermath of what happened with Mt. Gox, it was expected that the Japanese would avoid such a situation in future by implementing these regulations and imposing strict oversight with regular

audits. I have no problem with that at all, because they have a responsibility to protect the consumer. For one thing, they did not over react and implemented excessive and restrictive regulations that

would kill innovation or license it to make money off of that, like the regulators did in New York with the BitLicense. 

[aso118]

Minimum capital requirement of 10 million yen. That works to $100K.
That isn't too bad. I think the regulations have a sufficient light touch.

[Denker]

In the aftermath of what happened with Mt. Gox, it was expected that the Japanese would avoid such a situation in future by implementing these regulations and imposing strict oversight with regular

audits. I have no problem with that at all, because they have a responsibility to protect the consumer. For one thing, they did not over react and implemented excessive and restrictive regulations that

would kill innovation or license it to make money off of that, like the regulators did in New York with the BitLicense. 

Exactly this!
It seems japanese government and regulators have realized the potential of Bitcoin and cryptos and want to give it enough space to grow and develop in their country.They see it as a possibility, as a chance and not as threat!
Japan is on the right path.
New York will regret it sooner or later.