In Japan, various provisions for protecting consumers have been established by the revised fund settlement law which took effect in April 2017. (cryptoninjas.net)
Following the enactment of the amended Fund Settlement Law in May 2016, which newly defined «virtual currency» as a means of settlement, the sale of virtual currency as defined under the new Fund Settlement Law will be exempt from JCT. (hacked.com)
Reports said that the exchange violated the fund settlement law because they weren't registered on the national registry of businesses. (blokt.com)