Japan Regulates Virtual Currency After Bitcoin Scandalhttp://gadgets.ndtv.com/internet/news/japan-regulates-virtual-currency-after-bitcoin-scandal-842010Japan has passed a law regulating virtual currency, after the country found itself at the epicentre of a multi-million dollar embezzlement scandal following the spectacular collapse of the Tokyo-based MtGox Bitcoin exchange.
Once one of the largest, most established exchanges for the cryptocurrency, MtGox collapsed in 2014 after a suspected theft worth nearly half a billion dollars, which hammered the digital currency's reputation.
Japanese lawmakers passed a bill late Wednesday stipulating that all "virtual currency" exchanges must be regulated by the country's Financial Services Agency.
The new law defines a virtual currency as something with an "asset-like nature" that can be exchanged for goods and services.
...
