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How Regulators Plan to Avoid Another Cryptocurrency Hacking in Japan

How Regulators Plan to Avoid Another Cryptocurrency Hacking in Japan

by David Drake After its system was hacked and $534 million worth of digital currency stolen this past weekend, Coincheck has been ordered to thoroughly investigate the incident. On Monday, Japan’s financial regulator ordered the cryptocurrency exchange to investigate and submit a report by February 13, 2018. In the report, Coincheck is expected to highlight measures to be put in place to prevent such incidents in the future. In a move aimed at preventing another hacking incident, the Japanese regulator said it would scrutinize all cryptocurrency exchanges in the country; a move that some players in the cryptocurrency industry welcome and exchanges should take positively. “Increased security checks by the government are a move in the right direction. In general it’s clear that exchanges require a more authoritative oversight. Exchanges should see this as a benefit of auditability and increased emphasis on securing the best interests of their customers. Ideally, ... Read More »

Can Regulations Address Consumer Protection Gaps in Cryptocurrency Trading?

Can Regulations Address Consumer Protection Gaps in Cryptocurrency Trading?

by David Drake The recent hacking of one of Japan’s largest cryptocurrency exchanges, CoinCheck, has sparked discussions on what the focus of cryptocurrency trading regulation globally should be. Players in the industry maintain that the regulations should address the need for customer protection. “The talk of regulation sends an existential threat to some in the industry, but if cryptocurrency is going to gain the confidence of the mainstream, it is going to have to provide greater consumer protection; and that is an eventuality, as government regulators work to make it a reality, notes Sheldon Corey, the CEO of Arges Inc. and WorldsFinancialCenter. Other players, such as Wealthman‘s CEO, Andrei Huseu, feel that governments should embrace decentralized concepts of storing digital assets for improved safety. “We believe that the government of Japan should support decentralization principles of storage in trading of assets. Those might provide the proper safety of assets. We expect that ... Read More »

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