Japan has passed a law regulating virtual currency, after the country found itself at the epicenter of a multi million-dollar embezzlement scandal following the spectacular collapse of the Tokyo-based Mt Gox bitcoin exchange.
Once one of the largest, most established exchanges for the cryptocurrency, Mt Gox collapsed in 2014 after a suspected theft worth nearly US$500 million, which hammered the digital currency’s reputation.
Japanese lawmakers on Wednesday passed a bill stipulating that all “virtual currency” exchanges must be regulated by the country’s Financial Services Agency.
The new law defines a virtual currency as something with an “asset-like nature” that can be exchanged for goods and services.
Digital currency exchanges must now register with the financial watchdog and verify the identity of customers opening accounts.
The new legislation aims to “tackle issues of money laundering and protect users,” the Financial Services Agency said in a statement.
Critics of the virtual currency movement say its anonymity and lack of regulation make it ideal for use by criminals.
The new law comes after prosecutors last year charged France-born Mt Gox head Mark Karpeles with embezzlement, amid fraud allegations over the disappearance of hundreds of millions of dollars worth of the virtual currency.
The exchange, which once said it handled about 80 percent of global bitcoin transactions, filed for bankruptcy protection soon after the cybermoney went missing, leaving a trail of angry investors calling for answers.
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