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Japan’s Financial Authority Progresses On Bitcoin Regulation
According to a latest report from Japan Times, a working group under Japan’s Financial System Council has compiled a draft proposal that focuses on regulating virtual currency businesses.
Starting today, the working group is said to hold discussions before drawing up a final report containing its proposals. This report will form the basis for the Financial Services Agency (FSA) to prepare a legal framework for regulating virtual currencies and exchange operators during next year’s Diet ordinary session, which is scheduled to start on Jan. 4.
According to the Japan Times, the proposals incorporated in the draft include:
Nikkei Asian Review reported last month the FSA was planning to introduce a regulatory mechanism for virtual currencies including bitcoin as early as next year, following the arrest of Mark Karpeles in the infamous Mt Gox scam that exposed the almost non-existing bitcoin regulation in the country.