The question about bitcoin regulation is one of the most important questions that many governments have today. And Japan is not an exception
After the bankruptcy of Mt.Gox exchange, the bitcoin industry in Japan is still in limbo. While it appears that attitudes in Japan are moving toward regulating bitcoin in order to avoid a Mt. Gox situation from happening, there is been a delay in how to get there.
Of course, Japan is not the only country who have the same issues. Today, he main questions are how to how to regulate crypto currencies and where that could fit into its Banking Act and Payment Service Act.
Here is what can be useful for crypto currency regulation:
- Bringing crypto currency exchanges under Japan’s anti-money laundering laws
- Mandating exchange operators meet certain financial conditions
- Compulsory external certified public accountants or auditing firms checks that exchange operators will have to incur
- Transaction records will have to be stored by operators
- Operators will be responsible for security measures
According to the local media reports, bitcoin operators are open to regulation so that some assurance about how to control the industry can be cleared up for the exchanges and their consumers.