Cryptocurrency Exchange Development Company in Japan - Coinjoker

Posted by scarlet emilye on November 27th, 2019

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Japan has the world’s most progressive regulatory and remains a friendly environment for cryptocurrencies, climate for cryptocurrencies and, as of April 2017, recognizes Bitcoin and other digital currencies as legal property under the Payment Services Act. Japan is the world’s biggest market for Bitcoin and, in December 2017, the National Tax Agency ruled that gains on cryptocurrencies should be categorized as ‘miscellaneous income’ and investors taxed at rates of 15%-55%.

A regulatory timeline held in japan

• February, 2014 – Japanese company Mt. Gox, the world’s largest cryptocurrency exchange at the time, ceases trading and files for bankruptcy. The losses incurred by creditors spur the Japanese government to implement protective measures for consumers using digital currencies.
   
• June, 2015 – The G7’s Anti-Money Laundering (AML) initiative, the Financial Action Task Force (FATF), publishes ‘Guidance for a Risk-Based Approach to Virtual Currencies’. This requires all cryptocurrency exchanges to be licenced and compliant with AML and KYC (know-your-customer) laws.
   
• March, 2016 – As a result of the report, a bill to amend the Payment Services Act to align more closely with the FATF’s recommendations is submitted to the Japanese Diet. The amendments are passed in May.
   
• April, 2017 – The new, updated Payment Services Act comes into effect. Cryptocurrency is now legal in Japan. 16 exchanges register with Japan’s Financial Services Agency (FSA) by the end of the year.
   
• January 2018 – Crypto exchange Coincheck reveals that more than 0 million worth of digital currencies held in their systems have been stolen by hackers.
   
• March 2018 – The FSA takes a pragmatic, measured response to the Coincheck hack, forming a Virtual Exchange Services study group to refine crypto regulation. This results in the formation of the Japan Virtual Currency Exchange Association (JVCEA), a self-regulating body operating in collaboration with the 16 registered Virtual Currency Exchange Service Providers. The JVCEA provides advice for unregistered exchanges and monitors AML and regulatory compliance.
   
• August 2019 – Wirex is officially registered as a Type II member of the JVCEA after a comprehensive two-year evaluation process.

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