Topic: What are your thoughts on Japan? - page 2. (Read 10625 times)

The suggested guideline in the Japanese government are these,

1. Bitcoin is considered as material, NOT as currency (so it is like precious metal like Gold, Platinum.,,.)
2. Banks are prohibited to exchange bitcoin and currency. Making dedicated account is also prohibited.
3. Security brokers are prohibited to deal with bitcoin transaction
4. Capital gain tax and cunsumer tax (VAT) are imposed
5. Consider additional regulation in derivative trades

Even though it is a progress to make clear guideline as a law, practically they are not restricting our activities. I welcome their decision and wish they alter it with more restriction.

Apart from tax which is not relevant to non-Japanese residents like us, and Japanese bitcoin exchange who wants to have dedicated account in Japanese bank for their clients, nothing is changing from the current situation I wonder. Nobody exchange bitcoin using Japanese banks or Japanese security brokers. I don't know they really understand there is virtually no bitcoin exchange except mtGox. I don't know they understand what exchange is and the role of banks. At least by this there is no reason for banks to deny transfer money from / to bitcoin exchange. They say this guideline is the first in developed countries, I doubt it is and effective at all.

the japanese economy is likely to be buoyant for the rest of the decade

The idea of a regulation in a traditional sense will lead to the same nonsense circle of e.g. designer drugs ... once something is regulated, others change just a tiny bit and surpass laws cause its not registered etc.. its true what they write "“We haven’t yet thoroughly grasped the situation,"

Apart from the food, women and culture, they also have surreal tv commercials.

Good food, attractive women, rich culture.

Edit: Oh in regards to Bitcoin? I trust them to handle Gox appropriately. Public shaming is real big over there.

After the tragedy of Mt. Gox, once the highest volume Bitcoin exchange, Japanese authorities are most likely already working on a plan of action to regulate the virtual currency.

http://www.cryptocoinsnews.com/2014/03/05/japan-may-introduce-bitcoin-regulations-week/