TOKYO — Japan’s government is preparing to step up regulation of Bitcoin (BTC/USD) in the wake of the collapse of Tokyo-based exchange Mt. Gox, officials said, and are looking at taxation of certain Bitcoin transactions.
People familiar with a draft being prepared for a cabinet meeting on Friday say the government will reaffirm that Japan doesn’t consider Bitcoin a currency, which has been the basis for the argument by the Financial Services Agency, Japan’s banking watchdog, that bitcoin shouldn’t be subject to its oversight.
The draft is being prepared by the FSA and other government agencies in response to a letter from lawmaker Tsutomu Okubo asking for clarification of the issue including whether Bitcoin should be considered as a currency or a type of financial product.
An FSA official involved in preparing the response declined to comment on details.
One government official said, “What we are considering is that Bitcoin isn’t a currency, but that doesn’t mean it will automatically be categorized as a commodity.”
Technically this pair is at it key support level after the breakout of the old resistance of 102.70 this pair is retesting the same level as a new support with our stochastic indicator providing additional support for this pair. Anticipating a strong buy for the USD/JPY pair up to the major resistance level of 105.00 level.
USD/JPY" title="USD/JPY" align="bottom" border="0" height="242" width="474">