Japan Debates Bitcoin Sales Tax, Stricter Rules for Exchanges …

The Japanese financial newspaper

reported in early March that the country’s parliament, the Diet,
will soon vote on a set of Bitcoin regulations to be put forward by
the ruling cabinet.

The regulations proposed by Finance Minister Taro Aso of the
ruling Liberal Democratic cabinet would classify Bitcoin as a
currency, impose new requirements on Bitcoin exchanges and allow
banks and securities firms to invest and trade in the virtual

Following the collapse of Mt. Gox in early 2014, then the
largest Bitcoin exchange in the world, Japan built a firewall
separating Bitcoin from the financial sector. Banks were barred
from buying and selling bitcoins, and securities firms were
prevented from trading the virtual currency.

The proposed regulations would
remove the firewall

between Bitcoin and the financial sector, according to the

. Commercial banks would be allowed to provide Bitcoin to
customers, and securities firms would be allowed to trade the
virtual currency. The government hopes that removing the firewall
will encourage the development of Japan’s emerging fintech

The regulations, if passed by the Diet, would mark the first
concrete step in a years-long debate about how to deal with
Bitcoin. But not all Diet members are pleased with the


Read more ... source: TheBitcoinNews