19 Jun 2014
Bitcoin to remain unregulated in Japan for now - CoinDesk
FXStreet (Łódź) - The CoinDesk Analysis Team comment on Japan’s ruling Liberal Democratic Party's decision to leave the Bitcoin unregulated for the time being, despite calls for new legislation following the collapse of bitcoin exchange Mt. Gox.
Key quotes
"The Liberal Democratic Party (LDP) made the statement as an interim measure, but the final decision will be made after hearing 'more opinions' on the matter, said LDP lawmaker Takuya Hirai."
"Japan’s regulators argue that international collaboration is necessary due to the global nature of digital currencies, which easily transcend various jurisdictions and can be used to exploit loopholes in international law."
"The Liberal Democratic Party launched an investigative committee into bitcoin back in March, later issuing a statement saying that bitcoin is not a currency, but stressing that it remains taxable. Japan had started looking into ways of taxing bitcoin in the weeks following the Mt. Gox collapse."
"So far none of these efforts have resulted in new legislation for bitcoin or digital currencies in general. Judging by Hirai’s latest statement, the nation is certainly in no rush."
Key quotes
"The Liberal Democratic Party (LDP) made the statement as an interim measure, but the final decision will be made after hearing 'more opinions' on the matter, said LDP lawmaker Takuya Hirai."
"Japan’s regulators argue that international collaboration is necessary due to the global nature of digital currencies, which easily transcend various jurisdictions and can be used to exploit loopholes in international law."
"The Liberal Democratic Party launched an investigative committee into bitcoin back in March, later issuing a statement saying that bitcoin is not a currency, but stressing that it remains taxable. Japan had started looking into ways of taxing bitcoin in the weeks following the Mt. Gox collapse."
"So far none of these efforts have resulted in new legislation for bitcoin or digital currencies in general. Judging by Hirai’s latest statement, the nation is certainly in no rush."