Japan Bitcoin Update
Japan is undergoing some changes to bitcoin treatment
It seems that their focus is more on AML and Drugs, and seems to be okay with bitcoins as itself
Japan’s government will redesignate bitcoin as a form of “value-added electronic record” similar to credit card transactions, as part of a series of measures to monitor illegal deals made using the digital currency.
Kyodo News International, citing government and ruling party officials, reported that Japan is planning to crack down on illicit bitcoin trades amid fears that crime organisations have used the cryptocurrency for money laundering or drug dealing.
However the government will not regulate digital currency trading, and will not treat digital currencies as a traditional currency.
In March, Shinzo Abe’s Cabinet adopted a formal position on bitcoin transactions, treating the digital currency as a non-currency market product like precious metals.
Last week, a Japanese man was arrested for allegedly importing class A drugs using bitcoin, in a case thought to be the first of its kind in the country.