Japan: the regulation of exchanges in 5 points

in #crypto6 years ago


Financial regulators in Japan are imposing ever stricter standards on foreign exchange platforms for them to operate. These measures stem from the government's long struggle to protect its citizens from speculative risks, and require the necessary means to cope with the numerous hacks.

As mentioned in a recent article , Japan is updating the conditions necessary for an exchange platform to obtain a license to operate on Japanese soil. First Mt. Gox , then Coincheck , the land of the Rising Sun alone brings together the greatest piracy in the history of cryptocurrency. These 5-point measurements are the result of these misadventures and experiences that he does not want to relive. Here are the details:

  • Prohibition of storing cryptocurrencies on computers linked to the Internet and application of several passwords for transfers;
  • Focus on measures for the prevention of money laundering ;
  • Separate customer assets from platform assets;
  • Suppression of anonymous cryptocurrency ;
  • Separation between the shareholders and the management of the company, as well as between the asset managers and the engineers in charge of the system.
Even though the new applications to obtain the exchange license have not yet begun, the platforms already present have an interest in aligning themselves in time to continue to practice in Japan. Some, however, see these regulations as too draconian for the maintenance of operations, including Kraken and Binance who preferred to leave the territory.
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