Zaif Halts New Memberships
Crypto exchange Zaif, among the 16 crypto exchanges in Japan, has suspended signing up new members. “We chose to temporarily stop accepting new membership registration at 21 o’clock on September 28,” Zaif’s operator, Tech Bureau, announced Friday. The Business clarified,”Clients who are waiting for enrollment, such as being already in the process of identity verification by applying for membership registration, will register as usual as a member,” adding:
We are responsible for recovering the harm to all customers who were victimized by the current currency outflow that is digital, but to do so, [we want ] to focus our resources that are internal.
Zaif was murdered on Sept. 14 but the violation was not found until Sept. 17. The total damage is estimated to be about 7 billion yen (~$62 million). Tech Bureau claims that roughly 5,966 BTC, 42,327 BCH, and 6,236,810 MONA were stolen and casino games gametwist casino. The country’s Financial Services Agency (FSA) has issued the company a third business improvement order.
Bitflyer’s Overhaul
Bitflyer announced Monday, Oct. 1, a change in the company’s organizational structure. “Today marks the establishment of the holdings company, Bitflyer Holdings Inc.,” the company announced. Bitflyer Inc., which operates Japan’s biggest crypto exchange,”has turned into a wholly-owned subsidiary of Bitflyer Holdings Inc. by means of a stock transfer.” In a joint announcement, Bitflyer Inc. and Bitflyer Holdings Inc. explained,”Everybody will be able to use our services and transaction just as they always have,” noting:
The purpose for creating a holdings company would be to separate administrative and operational functions, to describe the duties and obligations of each function, to strengthen corporate governance, and to create a more thorough compliance arrangement7Bit Casino scam June 22, Bitflyer Inc. halted new account registrations after it had been issued a business improvement order by the FSA. “In order to maximize our efforts towards building a suitable service and improving on the issues identified, we have voluntarily and temporarily suspended the onboarding of new customers,” the market explains on its site.
With the establishment of the holdings company, Yuzo Kano has stepped down as the representative director of Bitflyer Inc. to become the CEO of Bitflyer Holdings Inc.. Nobuyoshi Suzuki from Mitsui Bank Ltd has been appointed the new representative director of Bitflyer Inc..
Self-Regulatory Plans
On Sunday, Sept. 30, Jiji Press reported that the Japan Virtual Currency Exchange Association (Jvcea)”will set a ceiling on the amount of digital currencies handled online,” citing unnamed sources. Members of the association are the 16 regulated crypto exchanges, including Bitflyer and Zaif. The group has filed to become an organization that can legally enforce self-regulation on its own members. The information outlet added that according to the sources:
The ceiling is likely to be around 10 to 20 percent of customer deposits.
The group was established in response to Coincheck’s hack and has been working on implementing self-regulation. With the hack of Zaif, the group”intends to tighten self-regulatory measures it follows on the management of customer assets,” the publication described. The news outlet further detailed that the group”will shortly revise the self-imposed rules, drawn up in July, and implement them once it is certified by the Financial Services Agency.”
FSA’s Priority Report
The FSA published a report entitled Financial Services Policy: Assessments and Strategic Priorities 2018 on Wednesday, Sept. 26.
The agency revealed that based on data of 14 regulated crypto exchanges and three deemed providers obtained by the Jvcea, 81.6 percent of all crypto transactions going through these exchanges are”margin or potential trading.” Meanwhile, 18.4 percent are spot trading. Deemed providers are exchanges which have been allowed to operate in Japan while their applications are still being reviewed by the agencybitcoinpenguin site Japan currently has a total of Coincheck, Lastroots three deemed providers, and Everybody’s Bitcoin.
In its report, the FSA shows that it will”Tighten registration screenings and monitoring, taking account of issues found in inspections,””Review certification applications ready by self-regulatory associations and encourage them to achieve the early establishment of the self-regulating function,” and”Lead the discussion for international cooperation to form regulations as the chair of the G20 in 2019.”
What do you think of the developments in Japan? Let us know in the comments section below.
Images courtesy of Shutterstock, Japan’s FSA, Zaif, and Bitflyer.
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Source: bitcoincasinoreview.info
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