Japan Financial Services Agency (FSA) has proposed to unite Bitcoin and other digital currencies in one category under the name “cryptoactives”.
According to the regulator, this step is necessary for clearer definition of the virtual money concept and for preventing investors` misunderstanding in the classification of assets and transfer them to legal means of payment.
The report, which tells about double interpretation of “virtual cryptocurrency” concept, has been presented by the FSA consulting team on this Friday. It’s expected that in the nearest time the regulator is going to rethink relevant laws and regulations, including Payment Services Act, which covers virtual cryptocurrencies usage.
FSA is Going to Attract Cryptocurrency Companies
The agency plans to bring to the discussion local cryptocurrency companies and it hopes to convince them to pay attention at the “cryptoactives” concept. Besides, FSA consulting group has noted the necessity of producing the mechanism for cryptocurrency owners`protection in case of cash outflow.
Our Bitcoin doubler got to know that In last year Japanese government made amendments in Payment Services Act, in such a way it allowed usage virtual currencies as the payment mean. At the same time, this law defines cryptocurrencies as “property”, which can be used to buy goods and services, however, they are not a legal payment mean.