Japanese lawmakers amended the Act on Settlement of Funds in May 2016 to regulate businesses handling virtual currencies. This law was amended after Mt. Gox went bankrupt in Japan in February of 2014 due to the misappropriation of customers’ assets by its operator.
In response to these background events, Japanese lawmakers enacted the Amended Settlement Act with three pillars of regulation as follows:
Registration requirements on virtual currency exchange business in Japan;
Regulation against money laundering and terrorist financing; and
Introduction of rules to ensure customer protection.
What do you think of this Minister’s implication in government investigation into the crypto exchange operator? Share your thoughts in the comments section below!
Images courtesy of Jiji Press and Japan Times.
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