Photo from the sourceThe concept and legal nature of virtual currencies in JapanJapan is one of the first countries to legally recognize virtual currencies.Experts explain the surge in interest in cryptocurrencies in Japan by a number of factors: the existence of legal regulation of cryptocurrency exchanges (by the Financial Services Agency) since 2016, a stable yen (speculators are looking for money on volatile assets), and the convenience of cryptocurrencies in settlements (Japan is a large exporter).Amendments made to the Law of June 24, 2009, \u2116 54 of 1999 \u201cOn payment services\u201d (hereinafter \u2014 the Law on payment services), which entered into force on April 1, 2017, the legislator created an even more favorable environment for the use of virtual currencies in the country. The Law on Payment Services introduced the concept of \u201cvirtual currencies\u201d, defined transactions with virtual currencies, and also established requirements for persons carrying out transactions with cryptocurrencies. The new version of the law came into force on April 1, 2017.According to paragraph 5 of Art. 2 Chapter 1 of the Law on Payment Services, virtual currency means any electronic expression of value from the following:1) the value (limited to that recorded on an electronic device or any other object using electronic means, and excluding Japanese currency, foreign currencies, and assets denominated in such currencies (the same applies in the next paragraph)) that can be used in relation to an unlimited number of persons for the purpose of paying for the purchase or rent of goods or receiving services, and can also be purchased or sold to an unlimited number of persons acting as counterparties, and which can be transferred using electronic data processing systems;2) value, which can be mutually exchanged with the value specified in the previous paragraph, with an unlimited number of persons \u2014 counterparties and\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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