Cryptocurrency represents a digital asset which is created to function as a medium of exchange utilizing cryptography to secure the transactions and to control the generation of supplementary currency units. Our company formation agents in Japan can provide complete details on the requirements which are imposed in order to open a cryptocurrency business in Japan and the costs of such a start-up.
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The legislation concerning cryptocurrency in Japan
Japan recognized bitcoin as being a legal payment method earlier this year. The local government adopted a law which brought bitcoin exchanges to be controlled by anti-laundering or know-your-customer-rules, while it also recognized bitcoin as a type of prepaid payment tool. Our company registration consultants in Japan can provide further details on this matter.
The law specifically distinguishes the digital currency from the current one, as well as from the electronic currency. According to this law, digital currency differs from electronic money since the first one does not have issuers. Also, it can be utilized by any accepting person and the last one, has a certain issuer and can be used only by the issuer or an authorized individual.
Bitcoin business ideas in Japan
Here are a couple of bitcoin business ideas which can help you decide what type of cryptocurrency company you can open in Japan:
• Acquiring bitcoins: there are three major ways in which you can acquire bitcoins:
o By accepting bitcoin payments;
o Mining for bitcoins;
o Purchasing bitcoins on a bitcoin exchange. Our Japan company formation advisors can assist you in opening these types of cryptocurrency businesses.
• Engaging in services for bitcoin: for example, you could engage in digital or hardware wallet services. Since owners of bitcoins need a secure place to keep their bitcoins, the online security for their digital wallets are most likely very important for the future of the bitcoin.
Registration procedure of a cryptocurrency business in Japan
In order to register a LLC (limited liability company) in the cryptocurrency domain in Japan, it is necessary to follow these steps:
• Making a company seal;
• Receive the certificate of seal registration;
• Record the Articles of Association with the Japan Legal Affairs Bureau;
• Other steps: our company formation consultants in Japan can offer more details on what these other steps consist of.
Foreign crypto company managers can apply for residency in Japan via the Business Manager visa. The application procedure includes several steps during which the foreign national is asked to provide documents that attest to the business’s value for the economy, as well as provide personal documentation such as a valid travel document and photographs. You can contact us for more details.
If you wish to know if under this visa you can immigrate to Japan, the short answer is that in principle, this is possible. However, in order to be eligible for permanent residency, one will need to remain in the country for then years consecutively (with only short periods out of the country), will need to display good conduct and prove that they have sufficient income to live in Japan.
If you would like to know more about cryptocurrency in Japan, please contact our Japan company formation specialists.