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Japanese financial officials create regulation system for Bitcoin exchanges

Thursday 17 December 2015 13:06 CET | News

Japans financial regulators have allegedly moved closer to creating a system for registering and overseeing domestic digital currency exchanges.

The Japan Times reports a working group beneath the Financial Services Agencys Financial System Council is finalizing a draft text that, once finished, will be submitted to the countrys legislature, the Diet, in 2016.

According to the Times, the draft text calls for a range of capital and auditing requirements for those running domestic exchanges, in addition to know-your-customer (KYC) anti-money laundering (AML) mandates.

Japanese officials have called for more stringent measures in the wake of the 2014 collapse of Tokyo-based bitcoin exchange Mt Gox and, later, the arrest of its CEO, Mark Karpeles.


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Keywords: Bitcoin, mining, cryptocurrency, digital currency, online payments, online security, online transactions, Japan
Categories: DeFi & Crypto & Web3
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Countries: World
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DeFi & Crypto & Web3