ID :
345686
Fri, 10/24/2014 - 04:12
Auther :

Industry Group Set Up for Virtual Currency Services in Japan

Tokyo, Oct. 23 (Jiji Press)--Operators in Japan of exchange or settlement services for virtual currencies, such as bitcoin, said Thursday they established their industry group, the Japan Authority of Digital Assets, on Sept. 12. The group also announced self-regulatory guidelines that require all members explain the risks of virtual currencies to their customers. The guidelines also demand exchange openings be reported and customer identification be confirmed. At present, the new industry group consists of five companies. Yuzo Kano, representative of the group, said at a press conference that security and protection against money laundering are the most important tasks. The group plans to closely work with the Financial Services Agency, the National Police Agency and other relevant Japanese government agencies as well as similar companies abroad. The ruling Liberal Democratic Party has called for such a business group in the wake of the collapse of bitcoin exchange Mt. Gox in February. END

X