Japan: Crypto May Be Classified as ‘Crypto-Assets’ to Prevent Confusion With Legal Tender

The Japanese Financial Services Agency is considering assigning cryptocurrencies to the “crypto-assets” category, to prevent confusion with legal tender.

The Japanese Financial Services Agency (FSA) is considering placing cryptocurrencies into a new legal category called “crypto-assets,” Cointelegraph Japan reported Dec. 15.

By classifying cryptocurrencies like Bitcoin (BTC) this way, the government reportedly “hopes that traders will no longer purchase them believing that they are legal tender recognized by the government.”

On Friday, an FSA advisory panel filed a report requesting the term “virtual currency” be changed since, according to the panel, it could confuse people into believing the asset is legal tender in the country.

As Cointelegraph reported recently, Japan’s FSA is set to introduce new initial coin offering (ICO) regulations to protect investors from fraud. Business operators conducting ICOs will reportedly be required to register with the FSA.

This month, news broke that there has been a significant wave of reports of suspicious crypto transactions to the Japanese police. The increase reportedly came after the implementation of a law in April obliging cryptocurrency exchange operators to report suspect cryptocurrency transactions to the police.


Source: Cointelegraph

Adrian Zmudzinski

Recent Posts

XRP Ledger To Undergo Major Upgrades: What To Expect

The XRP Ledger (XRPL) is set to undergo a series of substantial enhancements that promise…

9 hours ago

Bitcoin Bull Michael Saylor Wants SEC To Corral Crypto Herd: ETH, ADA, SOL In The Crosshairs

Michael Saylor, the tech entrepreneur who steered MicroStrategy into a Bitcoin behemoth, is back in…

1 day ago

Why Did The Solana Price Jump Today?

Solana (SOL) is currently up by 4% after jumping from $142 to $148 in the…

1 day ago

Ethereum Bounces Back Strongly After $2,871 Support Rejection

On Wednesday, ETH, the native coin of the Ethereum blockchain experienced a significant rejection at…

2 days ago

Crypto Expert Arthur Hayes Says Bitcoin Has Found Its Local Bottom

Arthur Hayes, the co-founder and former CEO of BitMEX, recently shared his thoughts on the…

2 days ago