Zaif Halts New Memberships
Among the 16 controlled crypto exchanges in Japan, osaka-based crypto exchange Zaif, has suspended signing up new members. “We chose to temporarily stop accepting new membership enrollment at 21 o’clock on September 28,” Zaif’s operator, Tech Bureau, announced Friday. The company 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’re responsible for recovering the harm to all existing customers who were victimized by the digital currency outflow that is current, but to do so, [we need] to concentrate our internal resources.
Zaif was murdered on Sept. 14 but the breach was not discovered 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 institution of the holdings company, Bitflyer Holdings Inc.,” the firm 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. clarified,”Everybody will be able to use our services and transaction just as they always have,” noting:
The purpose for creating a holdings company is to separate administrative and operational functions, to describe the duties and responsibilities of each job, to strengthen corporate governance, and to create a more thorough compliance arrangementa href=”https://bitcoincasinoreview.info/777coin-casino-review”>777coin casino no deposit June 22, Bitflyer Inc. halted new account registrations after it was issued a business improvement order by the FSA. “In order to maximize our efforts towards building a suitable service and improving on the topics identified, we have voluntarily and temporarily suspended the onboarding of new clients,” the exchange explains on its website.
With the institution 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 monies handled online,” citing unnamed sources. Members of the association are the 16 crypto exchanges, including Bitflyer and Zaif. The group has filed to develop into a company that can enforce self-regulation on its own members. The news outlet added that according to the resources:
The ceiling is likely to be around 10 to 20 percent of customer deposits.
The team has been working on implementing self-regulation and was established in response to the hack of Coincheck. With the hack of Zaif, the team”plans to tighten self-regulatory steps it follows on the management of customer assets,” the novel described. The information outlet further detailed that the group”will update 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 trades and three deemed providers obtained by the Jvcea, 81.6 percent of all crypto trades going through these trades 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 bureaubuy a bitcoin casino bitcoin casino free spins 2018 Japan 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 observation, due to issues found in reviews,””Review certification applications prepared by self-regulatory organizations and encourage them to attain 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 consider the developments in Japan? Tell us 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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