Why is Bitcoin Legal in Japan? (Is Bitcoin Trading Legal in Japan?)
Why is Bitcoin legal in Japan? According to Bitcoin news, Japan ranks 7th global
Why is Bitcoin legal in Japan? According to Bitcoin news, Japan ranks 7th globally in terms of Bitcoin trading volume. According to Nikkei News, from June 28 to August 4, 2018, the total transaction amount of BTC (Bitcoin) was 935 million Japanese yen (equivalent to 356 million US dollars). From 1 trillion yuan in 2017 to more than 2 billion yuan by the end of February this year. Since May 2019, the Bank of Japan has conducted a large-scale printing of money, with more than 50% of its currency supply entering the market. As a new phenomenon, Bitcoin is essential to being popular, but for many people, cryptocurrencies are a good means of storing value and investment.
Is Bitcoin Trading Legal in Japan?
According to Bitcoin news, the Japan Virtual Currency Exchange Association (JVCEA) today released a report asking if Bitcoin trading is legal in Japan. If so, registration is required. The report mentions the “Prohibited Cryptocurrency Settlement Act.” According to this draft law, individuals who buy and sell tokens through exchanges can receive related service fees, transaction fees, and certain fines compensation. Due to the differences between digital payments, such as Bitcoin, and other fiat currencies, they are considered unable to meet the financial authorities’ requirements for the protection of individual investors.
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