The financial services Agency of Japan (FSA) explained Bitcoin.com as the legislation of the country refers to stabilium. The point is that they are virtual currency. However, their issuers and dealers must register.
Not virtual currency
Cryptocurrencies in Japan regulated by the laws “On securities market” and “On payment services”, which came into force in April last year, after making a number of changes. The first of these contains the definition of virtual currencies as a means of payment and liberates them from consumption tax. The second requires the operators of cryptocurrency exchanges were recorded at the financial services Agency (FSA).
Speaking of stalking, the regulator said:
In principle, stabilini bound to fiatnym currency not belong to the category of virtual currencies on the basis of the law “On payment services”.
On 9 October, the Japanese company GMO has announced that it “will begin full-scale preparations for the production of the virtual tablconv”. GMO Coin operates one of the 16 licensed kryptomere Japan. In addition, there are still three trading platforms, which the Agency allowed to work while their applications are considered.
The FSA also explained Bitcoin.com that “features tablconv such that prior to release is not always advisable to offer them a check”. However, the regulator says:
Generally speaking, companies must register as Issuer of prepaid payment instruments or providers of services for the transfer of funds on the basis of the law “On payment services”. This is true, for example, when broker-dealers of virtual currency trading stablename.
In accordance with the position the FSA has two types of prepaid payment instruments for their own business and for third parties. Each of these has separate reporting requirements and registration.