[2017-09-29]Japan's FSA approves 11 companies as operators of crypto-currency ex

[Diced90]

Japan's FSA approves 11 companies as operators of crypto-currency exchanges

TOKYO, Sept 29 (Reuters) - Japan's Financial Services Agency approved 11 companies as operators of crypto-currency exchanges, the financial watchdog said on Friday.

The Japanese government has recognised bitcoin as legal tender in April and required crypto-currency exchange operators to register with the government.

TOKYO, Sept 29 (Reuters) - Japan's Financial Services Agency approved 11 companies as operators of crypto-currency exchanges, the financial watchdog said on Friday.

The Japanese government has recognised bitcoin as legal tender in April and required crypto-currency exchange operators to register with the government.

http://www.nasdaq.com/article/japans-fsa-approves-11-companies-as-operators-of-cryptocurrency-exchanges-20170929-00092

[iamTom123]

There is no question that Japan is now the leader when it comes to Bitcoin as these new 11 Bitcoin exchanges can more uptick in the Bitcoin trading volume circulating in the country. It is quite a coincidence that the founder of Bitcoin is named Satoshi Nakamoto who is presumably a Japanese (though this is not actually a verified fact).

Japan has become the model for Bitcoin recognition and legalization which other countries should follow. In Japan, they are known to be people who are so willing to stick to the laws and regulations very strictly and this kind of culture can be a big contributor why Bitcoin can be a big success in this country.

It is also a big coincidence that the infamous Mt.Gox flop was based in Japan and this time around the country is leading the age of the cryptocurrency through Bitcoin. It has now come full circle.

[Kemarit]

~snip~

It is also a big coincidence that the infamous Mt.Gox flop was based in Japan and this time around the country is leading the age of the cryptocurrency through Bitcoin. It has now come full circle.

They already forgotten about the Mt Gox scandal. They have moved forward to a better direction.

Japan is truly leading the way as far the bitcoin/blockchain advancement. Who wouldn't have thought that its been less than a year only that they have legalized bitcoin and yet they are way moving as a fast pace. No wonder China will be totally forgotten because Japan already takes the lead in the world. And imagine if GMO next year would have mass produce mining hardware and started to mine bitcoin, price could really surge around $6000-$7000.

[1Referee]

Nothing to be surprised about since we know how open minded and well willing Japan is in terms of crypto currencies. Funny thing is that no matter how positive the developments are in Japan and South Korea, people still focus on a non contributing country such as China. Even if Japan and South Korea combined approve hundreds of exchanges in the same way, China just need to fart one time, and a whole lot of idiotic panic sellers will ruin everything in a matter of days. People in this market need to grow up or just withdraw themselves from trading and investing in crypto - it's for their own safety. The only thing they are doing is burning through their capital.

[buwaytress]

~snip~

It is also a big coincidence that the infamous Mt.Gox flop was based in Japan and this time around the country is leading the age of the cryptocurrency through Bitcoin. It has now come full circle.

They already forgotten about the Mt Gox scandal. They have moved forward to a better direction.

Japan is truly leading the way as far the bitcoin/blockchain advancement. Who wouldn't have thought that its been less than a year only that they have legalized bitcoin and yet they are way moving as a fast pace. No wonder China will be totally forgotten because Japan already takes the lead in the world. And imagine if GMO next year would have mass produce mining hardware and started to mine bitcoin, price could really surge around $6000-$7000.

Actually, this isn't a coincidence at all. It was precisely the Mt Gox scandal that started the ball rolling on regulating Bitcoin (exchanges) in Japan. In the aftermath of MtGox, the finance ministry first looked to the international community - probably in a daze of confusion over what cryptocurrency was but very soon after realised that it had to start with a national move. In 2014, the FSA got together their lawmakers and began the drafting the legislation that would bring lawful recognition of Bitcoin and regulation of exchanges. That final draft was shared only last year and the bill was passed as law this year, beginning April 1.

And they haven't forgotten Mt Gox at all. In July, trials for the ex CEO of Mt Gox started in Tokyo and is still ongoing.

Not quite full circle, but they're getting there.

[Falgorn]

We see that Japan is quietly, without superfluous pomposity, systematically implements the crypto currency in its economy. Indeed, now it is confidently taking the leading position on increasing the volume of use of crypto currency. It would be nice if Japan became a leader in the production of bitcoins. I think that this will soon be so.

[collapse]

Mtgox debt with depositors* is 850000 BTC + some fiat.
Shareholders of Mtgox, Tibbane (CEO of Mtgox 88% and other 12%) will receive (88% * 202000 * 4300$) - (capped at 2400$/BTC customer claims) = more than 350 millions of $.
And, if the missing BTC appears (example from BTC-e seize), more than 2000 millions of $.

Should be noted, the "surplus" of mtgox shareholders has origin in the debt of Mtgox with depositors.
Debt with depositors that triggers the civil rehabilitation and the liquidation. It is a totally crazy legislation,..,

The debt of the exchange (you "deposit"), in Japan, is an asset of exchange company (in the moment you "deposit"). Not an customer/depositor property... You only have nominated fixed value IOU.  This happens in Japan now.

http://mtgox.com/
https://www.reddit.com/r/mtgoxinsolvency/
https://mtgoxprotest.com/

Stay away from Japan cryptocurrency exchanges,..

*: condition of depositor it's intrinsic with exchange operation. Because, no exchange happens if part of one deposit from one customer do not pass to other customer deposit. The trustee, and Japan laws considers a deposit of cryptocurrency,..., an IOU ?


Note: I have no idea of Japan laws. I only can see the results,..., customers "goxxed" again,...
Note: ...numbers are not exact.

--
Some links:

http://www.fsa.go.jp/menkyo/menkyoj/kasoutuka.pdf

https://www.gtlaw.com/en/insights/2017/1/new-law--regulations-on-virtual-currencies-in-japan

https://academic.oup.com/jfr/article-abstract/3/1/125/2838368/Designing-Virtual-Currency-Regulation-in-Japan?redirectedFrom=fulltext

https://es.slideshare.net/masamasujima/japans-virtual-currency-regulations-ver10

http://www.fsa.go.jp/en/refer/councils/singie_kinyu/20160621-2/01.pdf

http://www.fatf-gafi.org/media/fatf/documents/reports/Guidance-RBA-Virtual-Currencies.pdf

Here as "digital objects": http://law.nus.edu.sg/cbfl/pdfs/working_papers/CBFL-WP-JL01.pdf

BIS: http://www.bis.org/cpmi/publ/d137.pdf

[buwaytress]

Yikes, it's really unfair to say Japan's a scam country just because it was where Mt Gox was based. Mind you, the CEO was French - but once more, nationality has nothing to do with what happened there. The law is still playing catch up to Bitcoin exchanges. On the bright side, one could say that if something like Mt Gox didn't happen, we may never have seen the early steps that were needed to reach this point. Japan's government may still have a lot to do (and 11 out of 50 exchanges who applied were approved means it isn't just some lip service) but this would be the type of legal protection you would need to prevent another MG.