In April 1st, Japan accepted bitcoin payment method, but still lacks the corresponding accounting standards
In April 1st, Japan’s “payment service law” will come into effect. The introduction of this Law means that bitcoin and other virtual currency payment will be legal in japan. At the same time also means that Japan recognizes the legitimate bitcoin process of one step further.
In fact, the Japanese cabinet in early has signed the relevant law, completed the revision of the new “payment service law”, but has not yet been determined when will the promulgation and implementation of new service act. On Friday (March 24th), Japan’s local media reported that Japan’s Financial Services Authority (FSA) has been given a final answer, the new “payment service law” will be implemented in April 1st.
Admit that bitcoin payment is legal, does not mean that fully admit bitcoin can have the legal status of the same currency and in japan. Although early in February 2016 the Japanese Financial Services Agency (FSA) has begun to study other digital currency bitcoin, and hopes to promote this kind of new currency to the yen and the traditional equal status, but the process is very slow. One of the reasons or bitcoin technology is not yet mature enough, such as the current intensified bitcoin expansion dispute.
Until March of this year, the Japanese cabinet passed a series of bills, have recognized the value of bitcoin and other virtual currencies, and revise the corresponding legal support bitcoin payment legalization. From here, bitcoin experts see that Japan’s move is in an indirect recognition of the bitcoin currency and has the same role for the legalization of bitcoin eventually paved the way.
The current lack of appropriate accounting standards
In April 1st, bitcoin and other virtual currencies will be officially certified as a new legal means of payment, however, there is no corresponding accounting standards for the corresponding standard, this let bitcoin users and related enterprises somewhat embarrassed. No accounting standards, the corresponding bitcoin payment and settlement work will be difficult to carry out.
According to Japanese local media reports, the current accounting standards committee of Japan has decided to challenge this problem. It is reported that the agency is expected to last 6 months to build a feasible accounting scheme.
Professionals said, according to Japan’s current accounting guidelines, virtual currency holders can temporarily put coins as “inventory” to use, and bitcoin issuer, such as miners and exchange, can be regarded as “debt”.
Due to the lack of appropriate accounting standards, and the Japanese authorities have not timely introduction of appropriate guidelines, so many bitcoin users still do not know how to manage their bitcoin assets in the accounts.