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May 25, 2016Law & sovereign policyLegislationdocumented

Japan passes a framework for virtual-currency exchanges

Japan’s Diet approved amendments recognizing virtual currency as an asset-like means of payment and regulating exchange operators.

The amended Payment Services Act introduced registration, segregation of customer assets, security, and anti-money-laundering requirements. The rules took effect in April 2017 rather than on the date the bill passed.