South Korean authorities are taking help from their Japanese and Chinese counterparts to establish new rules for cryptocurrency trading.
Japan’s financial watchdog announced its plans to monitor virtual currency exchanges operating in the country.
Starting today, Bic Camera and Recruit Lifestyle will cooperate with bitcoin exchanges to add cryptocurrency payment option.
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.