Japanese Regulators Discuss Policing Domestic Bitcoin Exchanges
The Japanese government is gearing up to regulate bitcoin activity more actively in the wake of the collapse of bitcoin exchange Mt Gox. Nikkei reported earlier today that members of a select panel within the country's Financial Services Agency - its top finance regulator - are looking to draft a regulatory framework for bitcoin-related businesses. The government has indicated in the past that it intends to seek greater oversight over bitcoin businesses in response to the bankruptcy of Mt Gox. CEO Mark Karpeles has faced multiple arrests this year, bringing new attention to the 2014....
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Japan's financial regulators are reportedly moving closer to creating a system for registering and overseeing domestic digital currency exchanges. Citing "informed sources", The Japan Times reports a working group beneath the Financial Services Agency's Financial System Council is finalizing a draft text that, once finished, will be submitted to the country's legislature, the Diet, next year. According to the Times, the draft text calls for a range of capital and auditing requirements for those running domestic exchanges, in addition to know-your-customer (KYC) anti-money laundering (AML)....
If passed, the rules reform could make it easier for domestic exchanges to list more crypto without needing to go through a long screening process. The Japanese government is considering a proposal to make it easier for registered crypto exchanges to list digital assets in the local retail trading market.Sources quoted in Bloomerg said that if the new rules are passed, exchanges that have registered with the Financial Services Agency (FSA) would be able to list certain assets without performing a lengthy screening process. Digital assets that have been listed for more than six months on at....
A number of Japanese banks are reportedly set to test domestic fund transfers using digital currencies over a blockchain as a low-cost alternative to traditional money transfers. According to a Thursday report by Nikkei, Japan’s most prominent financial publication, a handful of major Japanese banks will perform tests to determine if a digital currency powered blockchain platform could prove a viable alternative for the current national payments clearing platform ‘Zengin’. Operated by the Japanese Bankers Association, the Zengin System powers domestic money transfers in Japan. The....
The Japanese insurance provider, Mitsui Sumitomo has announced the launch of a new product that will cater to the domestic cryptocurrency market. The cryptocurrency revolution is opening up new markets for conventional businesses as well. The insurance industry is one such sector that can capitalize on the increasing demand. Mitsui Sumitomo, the Japanese insurance major has announced its plans to offer a new product exclusively for the cryptocurrency sector. Cryptocurrency exchange platforms around the world are under constant threat of being hacked. Many exchanges including Japan’s own Mt....
Crypto exchange Zipmex has planned to meet with the Thailand Securities Exchange Commission along with other regulators to discuss the recovery plan. Zipmex had recently submitted a letter which will request to schedule meetings with the security regulators. This meeting shall also include the crypto firm’s potential investors. The exchange had suspended the withdrawals in […]