Japan has classified cryptocurrencies as "crypto assets" so as not to be confused with means of payment According to a December 15 article in The Japan News, the Japan Financial Services Agency (FSA) has classified cryptocurrencies such as bitcoin under a new legal category called "crypto assets."

Japan classified cryptocurrencies as «crypto assets», so as not to be confused with means of payment

According to a December 15 article by The Japan News, the Japan Financial Services Authority (FSA) has classified cryptocurrencies such as bitcoin in a new legal category called «crypto assets».

The Japanese government hopes that after this «traders will no longer buy them as government-recognized legal tender».

On Friday, the FSA's supervisory board presented a report demanding a change in the term «virtual currency», because it misleads people into thinking these assets are legal tender in Japan.

In addition, the FSA intends to introduce new rules on initial coin offerings (ICOs) to protect investors from fraud. According to these rules, companies conducting ICOs will need to register with the FSA.

Over the past year, the Japanese police have received numerous reports of suspicious crypto transactions. This is likely due to the entry into force of a new law, passed in April and obliging crypto exchanges to report suspicious cryptocurrency transactions..

 

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