https://bitconnect.co/bitcoin-news/434/japan-creates-bitlicense-and-becomes-a-legal-currency/
https://blog.indiesquare.me/the-new-bitcoin-regulation-in-japan-worse-than-the-bitlicense-e669618d69e0#.h74uhjvok
Japan's new Bit License coming into effect in March and already dubbed "worse than New York's Bit License". Need $500,000 and spend $Millions in Japan to be approved. IOUs and Tokens like CounterParty and Augur are banned. There will be an approved list of cryptocurrencies and no indication yet if NEM will be on that list or not.
https://blog.indiesquare.me/the-new-bitcoin-regulation-in-japan-worse-than-the-bitlicense-e669618d69e0#.h74uhjvok
Japan's new Bit License coming into effect in March and already dubbed "worse than New York's Bit License". Need $500,000 and spend $Millions in Japan to be approved. IOUs and Tokens like CounterParty and Augur are banned. There will be an approved list of cryptocurrencies and no indication yet if NEM will be on that list or not.
Man, this is not a good move for crypto in Japan. Really a roadblock for both bitcoin and alts and hard to see the long-term affects of this.
For example, what does Zaif have to do to become complaint just to operate as an exchange?
It would be nice if anyone from the NEM team could chime in on how this may affect NEM's operations in Japan.
I don't think people understand the gravity of this decision. Bit License applies to everything, not just exchanges. Someone like Takao Asyama could be on the hook for paying $500,000 for BitGirls, $500,000 for Mijin and $500,000 for Zaif and then another $4,000,000+ for compliance. Though I'm thinking creative accounting can be done, by putting everything under Tech Bureau, to reduce it down to $500,000 but still.
Question is can Japan's Blockchain Consortium (BCCC) even put together $500,000 to get a license too? Who will be donating that money to keep it going? Usually those kind of organizations crumble like an old cookiee when freeloader syndrome kicks in. A bit more extreme but remember when R3 started holding their hand out for money and then people just starting leaving in droves.
I think Japan has to be careful.
But basically with the price that high, perhaps they are hoping to shut down all cryptocurrencies?
Will wait and see.
Would be a very hard thing to try and enforce, it will just make its use go underground.
Who even paid the $500,000 for butcoin to be "licensed"?
