Japan financial authority about to create category for virtual assets

Posted 17 December, 2018

Japan's financial regulator intends to put bitcoin and other virtual currencies into one category called "crypto assets".

According to the local media, the Japanese Financial Agency believes that this measures would help to make clearer the concept of the virtual currencies that are traded as money as well as prevent any misunderstanding among investors in terms of the classification of any particular asset and using virtual assets as payment means.

Specifically, the regulator unveiled the report that covered dittology of such term as virtual currency last Friday. FSA is said to revise the regulation and legal frameworks in the short term. The amendments will also be made to the law about the payment services (the item about virtual currencies).

In addition, the FSA team also noted that the authorities have to create an effective way for the protection of crypto users in case of the money outflow.

As for other plans of the regulator, it is planned to commence discussions with local companies dealing with the cryptos regarding the new category.

For reference, Japan revised its law on payment means and added cryptocurrencies as a payment method. However, the digital coins are classified as property by this law, and thus it can be used for buying services and products but is not a legal payment means.

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17 December, 2018 13:47

← Switzerland intends to add blockchain to current legal regulation

Switzerland plans to add the new financial technologies to the current legal framework. The legal framework for the DLT (distributed ledger technology) was reviewed in the Federal Council report released last Friday. At the same time, it was indicated that the framework definitely needs further development and update. The Federal Council intends to further improve the prerequisites so that Switzerland can exploit the opportunities offered by digitalisation. There are plans to consider crypto assets separately from the overall property of the insolvent. For now, the country does not have accurate rules for this area, so the players actually do not know how to deal with crypto assets if they face bankruptcy.

Switzerland intends to add blockchain to current legal regulation

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14 December, 2018 17:33

Dfinity serverless cloud project postponed →

The Dfinity project announced that it delays the launch of its project – the Internet Computer serverless cloud. Initially, it was planned that the crippled version might be launched in Q1 2019, but the company gave up these plans since it could affect the overall process. Dfinity's project is designed to become the cloud 3.0 and create direct competition to such global services as Google Cloud and Microsoft Azure. As the development team commented, the developed technology will provide faster performance compared to the Ethereum and Bitcoin blockchains (150-fold and 900-fold faster respectively).

Dfinity serverless cloud project postponed
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