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.
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Bitcoin engages in a peer-to-peer payment system where no intermediaries exist and goods can be securely transferred between any two people on the planet. This article is about the upside and the downside of investing in Bitcoin. blockchain technology
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