Coincheck Hack brings even more Regulations
07 Mai 2018 - 5:24PM
ADVFN Crypto NewsWire
Bitcoin Global News (BGN)
May 07, 2018 -- ADVFN Crypto NewsWire -- This summer will bring a
strict level of regulation to cryptocurrency
exchanges that do business in Japan, according to CCN
and Nikkei Asian
Review. All cryptocurrency exchanges, including those
that have been in the Japanese market already, will be obligated to
follow these regulations.
Anyone who does not comply will be
barred from doing business in Japan. The aim is, by all accounts,
to shift the direction of all cryptocurrency related regulations
towards protecting the customer. This means, at least, that the
customer will be protected in the way that Japanese governmental
agencies see fit.
While limited information exists on
what these regulations will be as of now, certain points are still
quite clear. To begin, the whole process of running a
cryptocurrency exchange in Japan will begin with submitting
paperwork to the FSA to register that
exchange. If you don’t remember it from the news, the FSA is
basically Japan’s equivalent to the SEC.
The second step of the process is
that the FSA will review these registration documents and then send
inspectors to the exchange which is looking to register. The aim of
such a visit is reportedly to clearly understand how each exchange
operates including that how it does things in reality matches what
it wrote on its registration forms.
Overall, the FSA hopes that these
personal visits will allow it to mitigate for potential risks
inherent in doing business with cryptocurrency exchanges. A prime
example of this would be any kind of scamming or cutting and
running with customer funds that might go on.
Inside of all of this, however, a
question still remains. How will the FSA see us, as properly
protected customers? What exactly does this mean for the future of
the industry? Only time will tell, but it is clear that Japan has
every attention of allocating significant resources towards
preventing another major hack.
By : BGN Editorial Staff
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