Japan's Financial Services Agency is recognising bitcoin as a payment method in the country, however, it does not acknowledge the digital coin as a currency. Bitcoin's Third Halving In force from 1 April, the new law will require bitcoin exchanges to register with the prime minister, hold a minimum of JPY10m ($90,000) in capital and develop an IT system that guards against theft and loss. In addition, exchanges must provide employee training, establish internal rules and governance, and offer guidance for outsourcing. The move comes after Tokyo-based exchange Coincheck announced last month that it would be opening its first overseas branch in Japan.
Japan's Financial Services Agency is recognising bitcoin as a payment method in the country, however, it does not acknowledge the digital coin as a currency. In force from 1 April, the new law will require bitcoin exchanges to register with the prime minister, hold a minimum of JPY10m ($90,000) in capital and develop an IT system that guards against theft and loss. In addition, exchanges must provide employee training, establish internal rules and governance, and offer guidance for outsourcing. The move comes after Tokyo-based exchange Coincheck announced last month that it would be opening its first overseas branch in Japan.