The Diet of Japan enacted a bill Wednesday to regulate virtual currency exchanges in an effort to protect users of these platforms.

Japan was the home of Mt Gox, a now defunct exchange that lost millions worth of bitcoins back in 2014.

Under the revised law, virtual currency, defined as "asset-like values", exchange operators must register with the Financial Services Agency and allow them to perform onsite audits among other restrictive measures.

The revised law will go into effect within a year of its promulgation.

Report by dinbits
Image by staff

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