Japan's Bitcoin Law Goes Into Effect Tomorrow

[cpfreeplz]

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.

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[7788bitcoin]

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

[rajasumi3]

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.

[megynacuna]

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

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.

[JanpriX]

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.

[OmegaStarScream]

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

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.

[MrBobSapp]

Will this have any real effect though?

[Xester]

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.

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.

[Immakillya]

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.

[alyssa85]

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

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).

[californiaquail]

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

[Conasse]

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

[btvGainer]

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.

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.

[Mometaskers]

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.

[alexsandria]

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.

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.

[BlackPanda]

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.

[paul gatt]

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.

[Crystal11]

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.

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)
Mixers are a big problem and should be hunted down by agencies.

[CryptoBjorn]

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.

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.

[Raxitto]

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.