Tokyo eyes plans to regulate virtual currencies

Tokyo eyes plans to regulate virtual currencies

The Financial Services Agency plans to regulate trading of bitcoins and other virtual currencies, likely by introducing a registration system for operators.

The FSA will likely introduce a system in which operators are required to register, obtain a license and confirm the identity of their clients and improve their internal management systems.

The move is a response to meet the international standard of the tightening of regulations on virtual currency trading operations.

With the investigation into bitcoin trading giant Mt. Gox, it was revealed that a high value of clients' bitcoins disappeared from its system. In light of this, calls for the need to protect users have been growing, contributing to the latest move by the FSA.

More about

Your daily good stuff - AsiaOne stories delivered straight to your inbox
By signing up, you agree to our Privacy policy and Terms and Conditions.