Japanese Regulators Hold Meeting on Bitcoin Legislation

Japanese regulators are taking steps to introduce digital currency regulations. Yesterday, members of Japan’s Financial Services Agency held a meeting to discuss legislation, money laundering and security implications of virtual currency technologies.

The meeting also included digital currency exchange operators in Japan, who provided some insight into the current status of the bitcoin economy in Japan and around the world. According to a Nikkei Asian article, “Some 20 billion yen ($161 million) in bitcoins, each valued at about $400, are reportedly traded daily.”

In light of the arrest of Mark Karpeles in Japan, former operator of the Mt.Gox scam exchange, Japanese authorities have taken a keen interest in beefing up investor asset protection laws. One of the main topics at the meeting was regulatory oversight of digital currency exchanges and potential levies on bitcoin trading.

“The FSA plans to introduce a regulatory mechanism as early as next year in response to the oversight vacuum exposed by the arrest of MtGox chief Mark Karpeles”

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