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Will Japan’s Enhanced Crypto Regulations have a Positive Impact on Hacking?

  by David Drake     All over the world, cryptocurrency exchanges are becoming the target of hacking attacks. As a result, cryptocurrency investors have lost millions of dollars and this has affected their confidence in the crypto market. In the past, and most recently Japan’s crypto exchanges, have especially been largely affected by hacking which resulted in the loss of large amounts of money. In January, Coincheck Japan was hacked and $523 million worth of NEM cryptocurrency stolen from wallets in the exchange. Most recently, Zaif a Japanese cryptocurrency exchange lost an equivalent of  $60 million in virtual coins. To address these challenges, Japan’s regulator, the Financial Services Agency (FSA) has introduced new measures to counter the hacking problem and make cryptocurrency trading safer for investors. The regulator has introduced new requirements for cryptocurrency exchanges that include provision of records of meetings by new crypto exchanges showing how decisions are ... Read More »

Japan Tightens Regulations for New Crypto-Exchange Applications – Will It Reduce Hacking Incidents?

  by David Drake     Investors play an important role in growing the cryptocurrency industry and mainstream adoption of virtual currencies and blockchain technology. It is for this reason that Japan’s financial service agency (FSA) announced additional regulation measures as part of the new screening process for registration of cryptocurrency exchanges. Japan’s new move comes at a time when blockchain backed solutions are being built across the globe. Some interesting solutions include family smart contracts platform, URAllowance and mortgage lending, digital coupon marketplace, Qupon and investing platform for mortgage backed securities, HFC Coin. Others are social media security platform, ONe Network, interactive marketing platform, Noiz Chain and portfolio optimization platform, Live Tradr. New Regulations Japan has been one of the major players in the global cryptocurrency space. However, its history has been stained by two big data breaches that hit Mt. Gox and Coincheck cryptocurrency trading platforms. To address this problem, Japan’s FSA holds that the new measures will ensure ... Read More »

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