Ripple's XRP Falls Under “Virtual Currency” in Japan in New Blockchain & Crypto Regulation 2019 Report

    • Just like Bitcoin, Ethereum, Litecoin, XRP comes under Virtual Currency
    • Bulls are in XRP Price up over 10% at $0.424
    • A new report titled, “Blockchain & Cryptocurrency Regulation 2019” from Global Legal Insights provides the regulatory scenario around cryptocurrencies from all over the globe.

    The company that provides insights into the current legal issues, made sense by the world’s leading lawyers, is covering blockchain and cryptocurrency this time. The report covers 35+ countries and their definition of virtual currencies.

    Providing the details about what constitutes virtual currency in Japan, Taro Awataguchi of Anderson Mōri & Tomotsune says under the Japanese law, ‘Virtual Currency’ is not listed as Securities that are defined in the Financial Instruments and Exchange Act.

    The Payment Services Act defines “Virtual Currency” as

    A. A proprietary value that may be used to pay an unspecified person the price of any goods purchased or borrowed or any services provided and which may be sold to or purchased from an unspecified person (limited to that recorded on electronic devices or other objects by electronic means and excluding Japanese and other foreign currencies and Currency Denominated Assets; the same applies in the following item) and that may be transferred using an electronic data processing system; or

    B. The proprietary value that may be exchanged reciprocally for the proprietary value specified in the preceding item with an unspecified person and that may be transferred using an electronic data processing system.

    Awataguchi clarifies that it means a cryptocurrency which is used as a payment method to an unspecified person and is not denominated in fiat currency is a Virtual Currency. He further states,

    “For example, Bitcoin, Litecoin, Dogecoin, Ether and XRP fall under Virtual Currencies.”

    With “Currency Denominated Assets”, it means assets that are denominated in Japanese or any other foreign currency such as Tether (USDT) that is pegged by the US Dollar does not fall under the definition of Virtual Currency.

    XRP Riding the Bulls

    Since May 13, XRP/USD has been riding a bull wave as it reaches to $0.448 level at one point today. At the time of writing, the third largest digital asset has been trading at $0.428 with 24-hours gains of 10.72 percent.

    Till date in 2019, XRP has surged over 22 percent and reached to its 6 months high level. Given the way, XRP is climbing upwards, we might get to see $0.50 soon.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    AnTy has been involved in the crypto space full-time for over a year now. Before his blockchain beginnings, he worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


    Please enter your comment!
    Please enter your name here


    Live Bitcoin Price & Latest BTC Chart News

    Today's Latest Crypto News

    China’s Digital Yuan will “Certainly Erode the Dollar’s Primacy in the Global Financial Market” – Deutsche Bank Report

    Cash to remain part of the economy for decades to come but digital payments will grow at “light speed” Mobile payments to quadruple...

    Money Is At Risk In Banks, Bitcoin Is Probably The Most Secure Currency Right Now: Tim Draper

    “If we're able to hold above $7,800, it will be a very good sign,” - Mati Greenspan Venture Capitalist advises millennial's to start...

    XRPL Labs Founder Wietse Wind's XRP TipBot Banned On Twitter, A Sign To Come For Tipping Bots?

    On January 24, Twitter decided to disrupt the XRP community by banning the XRP Tip Bot account, which is a service developed by the...

    Litecoin Founder Charlie Lee Proposes 1% Block Reward Funding Plan To Rake in $1.5 Million

    Proposal for donating 1% of block rewards to generate $1.5 million per year It’s like paying for your kid’s college and “securing your...

    Travala Expands Its Crypto Payments Options By Adding NEM's XEM Token

    Travel platform Travala, a firm that allows its customers to pay for hotel accommodations using digital currencies, has partnered with the NEM Foundation to...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.