Japan with new, stricter cryptocurrency regulations

Japan has been probably the greatest supporter of cryptocurrencies and their regulations. The country is known for its lean regulatory frameworks, as well as great tolerance about the use of Bitcoin. Not long ago, it was reported that many Japanese workers can choose how they want their salary: in the form of Bitcoin or fiat money.

As the cryptocurrency market is currently plunging and Bitcoin’s price is seeing new lows, and the cryptocurrency theft that happened at Coincheck Inc, one of the most successful Japanese cryptocurrency operators, Japan is imposing stricter regulations on the entire market. The wider acceptance and use of Bitcoin has allowed for more speculative investments and uses in general. As a result, the price of Bitcoin is Japan has increased significantly.

This has triggered the Japanese Financial Services Agency to rethink its position on cryptocurrencies and look for the appropriate regulations.

According to a research by the Japan Times, the number of…