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.