Court revives J&J unit's challenge to surgery robot patent 
New Balance sues Steve Madden over “deliberate knock-offs” 
Texas sues Google for collecting data of users in private browsing' mode 
Court rules COVID restrictions for Tokyo restaurant chain illegal 
S. Korea's high court overturns guilty verdict of man in ‘wrongly-sent’ bitcoins case 
FxWirePro- Bitcoin Predictions 
Prada to add NFTs in monthly Time Capsule project 
FxWirePro- Bull and bear case 
Amazon to cover travel costs for US workers who need abortions 
Jury rules Reckitt did not steal trade secrets for its premature-ejaculation spray K-Y 
Bill Gates sees cryptos and NFTs as shams 
FxWirePro- Top altcoins for the day (Strength index)(BATUSD) 
Potential criminal liability awaits US firms covering workers' abortion costs 
FxWirePro- Top altcoins for the day (Strength index)(VGXUSD and WAVESUSD) 
FxWirePro- Top altcoins for the day (Strength index)(XTZUSD and LINKUSD) 
Hong Kong partners with Israel partner for CBDC cybersecurity research 
- News
- Economy
- Central Banks
- Investing
- Research
- Roundups
- Digital Currency
- Insights
- Technical Analysis
- Technology
- Business
- Law
- Health
- Nature
- Fintech
- Science
- Topic
- Opinions
- EconoTimes PRO
- ©Elmin Media . All Rights Reserved.
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:
- Mandatory registration of operators of virtual currency exchanges with the FSA.
- Virtual currency exchange operators should meet certain conditions, such as maintaining a certain amount of capital and requiring them to manage customer assets separately from their corporate assets.
- Mandatory checks on exchange operators by certified public accountants or auditing firms, which would assess how the operators are handling their assets and verify their financial statements.
- To counter money laundering, exchange operators should be obliged to confirm the identities of clients when they open accounts and report questionable trading to authorities. These requirements would be in line with requests from the Financial Action Task Force (FATF).
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.
Editor's Picks
- Market Data
Disclaimer: EconoTimes provides references and links to selected blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the blogs or other sources of information. Clients and prospects are advised to carefully consider the opinions and analysis offered in the blogs or other information sources in the context of the client or prospect's individual analysis and decision making. None of the blogs or other sources of information is to be considered as constituting a track record. Past performance is no guarantee of future results and EconoTimes specifically advises clients and prospects to carefully review all claims and representations made by advisors, bloggers, money managers and system vendors before investing any funds or opening an account with any Brokerage. Any news, opinions, research, data, or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. EconoTimes expressly disclaims any liability for any lost principal or profits without limitation which may arise directly or indirectly from the use of or reliance on such information. As with all such advisory services, past results are never a guarantee of future results.
EconoTimes. Elmin Media LLC. All Rights Reserved. | 17 Seonyu-ro 49-gil, Yeongdeungpo-gu, Seoul, South Korea
Newspaper Registration No. Seoul A04906 | Registration Date. 2018.01.02
Publisher/Editor. Sungmin Kwon | Juvenile Protection Manager. Seokjin Yoon
Tel. +82.2.6332.2245
