Japan Acknowledges Bitcoin As a ‘Property of Value’

By Brian Cullingworth, Last updated Aug 4, 2017

Important step forward for increasingly popular cyber currency

Proponents of the dominant cyber currency Bitcoin, used by a growing number of online gambling operators as a legitimate and anonymous currency, were encouraged this week by the news that recent amendments to the Japanese banking regulations recognise the cyber currency as ‘property of value’.

Whilst that stops short of full recognition, it remains an important step forward for the currency, and one that will strengthen its reputation on international markets and transactions.

The downside of such mainstream recognition is that the user anonymity which is one of Bitcoin’s big attractions will be diluted; the Virtual Currency Act imposes responsibilities on crypto currency exchanges that require them to strictly enforce Know Your Customer (KYC) requirements including proof of personal identity.

On the upside, exchanges will have to be more transparent and segregate operational funds from user deposits.

Brian Cullingworth

Infopowa news was a staple of Casinomeister’s news from 2000 until 2019. Brian Cullingworth was the main writer, contributor, and was one of the most knowledgeable persons I have ever known involved in the online casino industry.

We first met in January 2001 at the ICE in London where I observed him going booth to booth interviewing online casino, software, and licensing jurisdiction representatives. Brian was also heavily involved with our forum as “Jetset“, he was involved as an informal consultant to eCOGRA, the OPA, and was a player advocate who assisted countless aggrieved players with his connections to industry folks. He also published “Casino Cautions” via Infopowa news for quite a number of years. These can be found in our news archives.

His passing in February 2019 was a dark day for us. He will be forever missed.

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