Japanese cabinet passed a set of bills recognizing virtual currencies

Japanese cabinet passed a set of bills recognizing virtual currencies. Fundamentally, bitcoin and digital currencies are to be officially recognized alongside fiat currencies, fulfilling a similar purpose.
Digital currencies will be recognized as asset-like-values that can be used to make payments as well as be transferred digitally.
The new law outlines that all virtual currency exchanges are to be regulated by the Japanese Financial Services Agency. They must be registered with the financial watchdog and verify the identity of customers opening accounts.