The Japanese Financial Services Agency has assigned cryptocurrencies to the “crypto-assets” category, to prevent confusion with legal tender.
The Japanese Financial Services Agency (FSA) has placed cryptocurrencies into a new legal category called “crypto-assets,” English-language local media The Japan News reports Dec. 15.
By classifying cryptocurrencies like Bitcoin (BTC) this way, the government reportedly “hopes that traders will no longer purchase them believing that they are legal tender recognized by the government.”
On Friday, an FSA advisory panel filed a report requesting the term “virtual currency” be changed since, according to the panel, it could confuse people into believing the asset is legal tender in the country.
As Cointelegraph reported recently, Japan’s FSA is set to introduce new initial coin offering (ICO) regulations to protect investors from fraud. Business operators conducting ICOs will reportedly be required to register with the FSA.
This month news broke that there has been a significant wave of reports of suspicious crypto transactions to the Japanese police. The increase reportedly came after the implementation of a law in April obliging cryptocurrency exchange operators to report suspect cryptocurrency transactions to the police.
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.