Two of the most crypto friendly nations on the globe have been revisiting their regulatory frameworks this week. Japan has reclassified its terminology of cryptocurrencies while over in Hong Kong regulators want more oversight on exchanges and crypto companies.
Japan’s Financial Services Agency has made moves to label Bitcoin and altcoins under one category called ‘crypto assets’. According to local media the move has been implemented to reconfirm that they are not considered as regular currencies by the government. Last week an advisory panel came to the conclusion that the term ‘virtual currency’ may lead investors to believe cryptos have the same status as fiat. To alleviate any possible misunderstanding they have requested the change.