Bitcoin recognized as payment method in Japan
Published on by Adam
There is a lot of exciting news coming out of Japan these days as the country prepares to accept its first casinos. It’s not just the land-based operations that have a bright future though. Japan has also introduced a new law that recognizes Bitcoin as a payment method!
The new law
Japan’s new law concerning Bitcoins came into effect on April 1st. Essentially, it recognizes the cryptocurrency as a payment method, assigning it an asset-like quality that can be used in various transactions and effected virtually.
This law goes a long way towards improving the standing of BTC in the country. In 2014, the notorious collapse of the Mt. Gox Bitcoin exchange saw the currency’s value take a nosedive, along with its reputation as a stable and reliable way to pay. The whole world watched in horror as it was revealed that some $450 million in BTC had gone missing or were stolen. The cryptocurrency is still recovering from this blow to its standing and Japan’s new law is set to help that process along.
BTC in Japan
This is not the first legal change Japan has enacted related to Bitcoin. Last year, Bitcoin exchanges became obliged to register with Japan’s Financial Services Agency. They were also obligated to comply with Know Your Customer and anti-money laundering provisions.
The 2017 law perceives BTC as a form of asset, not so much a currency, that can be traded for goods and services virtually. It also lays out further regulations for Bitcoin exchanges, specifically that they must register with the office of the PM and secure a minimum of 10 million JPY in capital.
Exchanges are also to be subjected to more rigorous housekeeping standards. They will be expected to implement tough cybersecurity systems to counter losses and theft. Staff members must be offered regular training programs about conduct and internal governance systems must be implemented.
This new legislation is good news for casino players. Bitcoin has already done quite well for itself as a way to pay to play at online casinos but as it encounters fewer bureaucratic obstacles and more legal framework to support it, we can only surmise that more online casinos will see the potential for this currency and begin to offer players the chance to spend and win in BTC.
There are a number of Bitcoin-friendly casinos already on our lists and they’re there for good reason. Check out PlayAmo, Bitstarz, 7BitCasino and Vera & John for quality casinos that have already seen the Bitcoin light and offer it as a payment currency.