Japan just recently made headlines by revealing that its federal government was thinking about defining Bitcoin and other digital currencies as currency rather than commodity.This was confirmed by
Tomonori Kanda, representing the monetary affairs section of the Liberation Democratic Party( LDP). He told The Guardian that the strategy was to bring the matter up in Parliament. After the Mt. Gox fiasco, Japan recognized Bitcoin’s prospective 2 years earlier, and asked members within the Bitcoin and blockchain market to form a self-regulatory authority called the Japan Authority of Digital Assets (JADA). JADA is supported by LDP’s IT committee, and is currently in discussion with Japanese
government offices. There is no certain governmental workplace that regulates JADA, which currently has four members: bitFlyer, Orb, Kraken and Coincheck, and several supporting members such as Deloitte. JADA meets FSA( a Japanese government organization and ntegrated financial regulatory authority accountable for managing banking, securities and exchange and insurance sectors)and other governmental bodies(such as the Ministry of Economy, Trade and Industry and the Bank of Japan) once a month, and is in continuous discussion with the National Tax Authority (NTA), police company and other governmental offices.Bitcoin Magazine talked with JADA’s legal counsel So Saito, who stated,”Our very first activity was to establish self-regulatory guidelines regarding AML [anti-money laundering], security protection and customer defense. The recent subject we have actually been talking about is a new law.”FSA asked us about the existing scenario in the industry, existing issues and preferred policy,”he stated.” Some media outlets wrote that Bitcoin would be related to as currency. I, nevertheless, do not think that Japan would concern Bitcoin as currency.”He included:” I have heard that FSA was to submit new regulation to the lower house on March 4. I have not yet got the actual post. However, another media outlet said that cryptocurrency will be specified
as ‘Property value, which can be utilized when a person purchases items, etc. from a non-specific individual and can be digitally moved.’I think that this meaning is more close to the actual definition of the brand-new policy.”As to the future, Saito said, “I welcome new Bitcoin [currency] policy. Traditional monetary organizations are usually reluctant to deal with Bitcoin due to the fact that it’s presently non-regulated. I anticipate more conventional companies will advance to the [regulated] Bitcoin world.”Standard banks (consisting of Japanese megabanks)are eager to study blockchain. There are many announcements mentioning that Japanese business have started demo try outs blockchain innovation.
We have discussed new policies with FSA.”Saito stated that he was unable to reveal additional information of these discussions at this time, but Bitcoin Magazine will follow developments.Self-regulatory bodies such as JADA might offer insight for federal governments worldwide looking at methods to managing Bitcoin and blockchain innovation. The post Japan Arguments Managing Bitcoin as Currency; Banks Eager to Research Blockchain appeared first on Bitcoin Publication. Bitcoin Magazine