Sign up for The Paypers newsletter Follow The Paypers on LinkedIn Follow The Paypers on Twitter Follow The Paypers on Facebook
The Paypers, paypers, Insight in payments, News, Reports, Events
 advertisement
Cryptocurrencies

Japan officially recognizes Bitcoin as money

Wednesday 4 May 2016 | 11:57 AM CET

The Cabinet of Japan has officially approved a set of bills that will help the integration of digital currency into the legacy banking system through regulation.

New regulations will require Bitcoin exchanges to adopt established KYC/AML standards used in other nations. Banks will be able to enter the Fintech industry for future gains and asset management. The goals in 2016 include preventing new forms of money laundering through Bitcoin and maintaining consumer protection.

The Mt. Gox collapse from 2014 had dire ramifications for Bitcoin values, and Japanese interest of trust of Bitcoin. Yet, over the past year, new exchanges like Coincheck have reignited the market.

Bitcoin exchanges, like Coincheck, will be required to register with the Financial Services Agency as a regulatory commission. Payments can be made digitally, without the need for conversion to fiat currency. This implies that in the near future Bitcoins will become commonly accepted forms of payments by banks and corporations or utility providers.

More: Link
 advertisement
 advertisement
 advertisement
 advertisement