Japanese banking giants are looking to invest in financial technology startups, as the government is promoting innovation in the competitive fintech market.
Japan authorities make a step as the country is the only one among the Group of Seven leading industrial economies that taxes bitcoin purchases.
Global tech companies have joined forces to launch the first Japanese blockchain industry organization with an aim of increasing public awareness of the technology.
Virtual currencies become recognized as asset-like values while all cryptocurrency exchanges need obligatory registration with the Financial Services Agency.
The Financial Services Agency will soon present its plan to recognize bitcoin as fulfilling the functions of currency while the problem of bitcoin taxation remains unsolved and hotly debated.
The Financial Services Agency is planning to register all exchanges and companies dealing with virtual currencies for better control.