A Financial Services Agency panel will discuss the proposals
starting Thursday. Bills to enact the measures and give the agency
supervisory power over cryptocurrency exchanges are
expected to be introduced during next year’s ordinary Diet session.
Virtual currencies trading are unregulated in Japan. Yet the total value of bitcoins, the most notable of the group, is around $5.2 billion globally, and daily trading in the currency in this
country has grown to several hundred million yen, or millions of
dollars. Mt. Gox, formerly the world’s largest bitcoin exchange, was based here until its bankruptcy. The exchange’s demise, which led to the
arrest of its chief executive, sparked calls for regulation of the industry to protect users.