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.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now