Post
Topic
Board Legal
Re: Japan Passes Bill to Regulate Bitcoin Exchanges...
by
bitbaby
on 26/05/2016, 02:47:44 UTC
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?
Nothing new, for legal exchanges it is required almost everywhere to keep records of anyone buying/selling currencies and for that all the users who trade at those exchanges will be required to provide KYC documents. The regulations helps as users can buy/sell with confidence without having to worry about getting scammed and/or getting arrested. These regulations though may appear bad as they take away your anonymity of buying/selling BTC but it is good for long term mainstream adoption.