Japan will publish new rules on cryptocurrencies

The search for a legal framework that governs the operations of the new digital economy, transactions in cryptocurrencies and the use of blockchain technology keeps busy the governments in different countries around the world. In this regard, the Association of Virtual Currency Exchanges of Japan announced that on June 27 it will publish the new crypto exchange regulations.

According to information to the media, the voluntary regulation could include the prohibition of the use of privileged information. It also provides for the application of penalties to the employees of the cryptocurrency  exchanges in case they are involved in improper transactions based on their knowledge.

The regulations also provide for rules to prevent crimes known in the crypto universe such as money laundering, tax evasion, fraud, theft of digital assets, financing of terrorist acts or the request for rescues for kidnapping in cryptocurrencies.

The Japan’s Virtual Currency Exchanges Association (JVCEA) is the regulatory body that brings together the two existing crypto entities in the Asian country; that is, the Japan Blockchain Association and the Japan Cryptocurrency Business Association. Its function is to ensure legality in all transactions involving digital currencies as well as economic progress.

The publication of the new regulations that would apply to the 16 cryptocurrency brokerage houses operating in Japan is scheduled for next June 27. It involves the entities in charge of evaluating other aspects such as the issuance of ICOs.

M.Pino

Source: Cointelegraph

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