On April 1, 2017, amendments to the Law on Cash Settlements and the Law on the Prevention of Transfer of Funds Obtained by Conducting Criminal Activities came into effect in Japan.
The above changes set the regulation of cryptocurrency exchanges (CCE) and cryptocurrencies.
The CCEs are required to be registered with the Financial Services Agency of Japan.
In addition to the registered legal address in Japan, presence of an operating office in the territory of this jurisdiction is compulsory.
Assets of the CCE and the client should be separated, and more specifically:
Audit of financial statements should be mandatorily carried out every year.
Before opening an account, the client should undergo the identification process.
In order to protect the client's interests, they are provided with the following information:
All personal data about clients should be secured with the highest protection from CCE.
Providing reports to the Financial Services Agency of Japan, storing documents related to the activities of CCE, as well as keeping accounting records are mandatory!
The activities of CCE in Japan can be carried out by the company if it is:
Since July 1, 2017, transactions related to the exchange of cryptocurrencies for fiat money are exempt from taxes.
Lawyers of Law&Trust International will be happy to provide full legal support in this area.
We are ready to offer legal maintenance regarding ICO to start-ups and full legal support on all related issues.
We can provide crypto-exchange offices, crypto-funds, miners or investors with:
- structured schemes of operation of crypto-exchange offices;
- preparation of documentation concluded with the investor;
- legal structuring of crypt-funds and /or mining activity.