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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