Japan Passes Bill to Regulate Bitcoin Exchanges...

[bitdumper]

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.

[1714659937]

1714659937

[Universat]

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

[ImHash]

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.

[tsoPANos]

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

[From Above]

Interesting.

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

Cuz that is the most frightening about that country.

~CfA~

[GreenBits]

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.

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.

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.

[ember.suc]

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.

[RealKhan]

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.

[cryptojac17]

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.

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.

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.

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,

[ihsanskanzaone]

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/


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

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.

[Rooster101]

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/


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

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.

[shacc]

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

[onrise]

It would be nice if the bill became law. And in Japan, mass activity in the use of bitcoins as a means of payment began.

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 .

[rivercorei]

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

[Mobshady24]

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.

[endlasuresh]

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.

[biskitop]

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.

[stompix]

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/


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

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.

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.

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

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

[Samarkand]

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

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.

[ihsanskanzaone]

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.