Bitcoin Exchanges and Their Users Can Now Get Insured in Japan
Japanese Bitcoin exchanges and their customers will soon be insured for the first time thanks to a product launched by Tokyo-based insurance firm Mitsui Sumitomo Insurance. As reported by the regional publication Nikkei, coverage will be offered against damages and losses borne out of breaches or hacks, ranging from 10 million yen to 1 billion yen (between $88,000 and $8.8 million approximately). Notably, coverage also includes losses incurred due to internal company mishaps and employee improprieties, a clause which BitPay is certain to favor following a theft of 5,000 bitcoins in 2015....
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Citing unnamed but informed sources, Japanese publications are reporting that a working group under the Financial System Council have complied a draft of Japan's first ever cryptocurrency regulations. Under the new proposed rules, bitcoin exchanges and those dealing with virtual currencies must register with the government to fall under a regulatory framework. The rules, as reported by The Japan Times, are drafted by a working group under the Financial System Council (FSA). The proposals and discussion for the new rules began yesterday, while the bills required to enact the new rules and....