Japan officially declared Bitcoin legal tender
Bitcoin has now attained the official status as a means of payment in Japan and has finally reached the mainstream.
The new law categorizes Bitcoin as legal payment and entered into force on 1 April in Japan. This also means that all financial service providers and stock exchanges must comply with government regulations or requirements – the same as they apply to currencies.
The focus is on the Anti-Money Laundering Laws and the Know Your Customer (KYC) principle – with annual audits. In addition, provisions on share capital and cybersecurity must be observed.
Even if this new status and the resulting stronger regulation does not please everyone, the effect on mass adaptation is certainly to be assessed positively. Consequently, the Bitcoin course should also benefit from the increasing popularity.
There are still some uncertainties in accounting. The Accounting Standards Board of Japan is working on new formats and standards so that both private individuals and companies can formally evaluate Bitcoin.
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