After the month of October, the exchanges of the Bitcoin and crypto-currencies in Japan will be monitored and investigated by the local authorities. This will be done in the framework of a wider initiative aimed at creating a market of trade more robust and more regulated.
Japan wants to take advantage of the blocking chinese
Earlier this month, the chinese government has imposed a ban of Bitcoin, and of exchanges of crypto-currencies at the national level. This has forced large trading platforms to large-scale crypto-currencies, such as BTCC, OKCoin and Huoboi, to close their services. Therefore, the majority of the traders ; contractors and trading volumes in China are parties to leave the country on the neighbouring markets. Thus, following the decision of China, the volume of negotiations in Japan and South Korea have increased. By the way, Japan has overtaken the United States to become the largest stock market of the Bitcoin in the world with 44 % of market share.
Japan is strengthening its dominant position in the world of crypto-currencies
Unlike China, Japan is taking a more responsible approach in relation to the regulation of exchanges of Bitcoin. Instead of imposing a national ban, the japanese government intends to monitor and investigate the exchange of Bitcoin for a period of time during the month of October. The information gathered will be used to publish a licensing program to regulate effectively the local market exchange of Bitcoin in Japan. It will be particularly important to improve the existing systems such as Know-Your-Customer (KYC) and Anti-Money Laundering (AML).
In an interview, a leader of the FSA told The Japan Times that the approach of the japanese government is the promotion of markets of the Bitcoin and crypto-currencies. Over the next few weeks, all the most important trading platforms, crypto-currencies will probably be asked to submit daily reports and to comply with the investigation by the japanese government.