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Japans FSA takes another step to strengthen the regulation of cryptocurrency exchanges

Priya

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Japans FSA takes another step to strengthen the regulation of cryptocurrency exchanges
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According to reports from a Japanese media, Financial Services Agency of Japan [JFSA] has successfully strengthened the registration screening for cryptocurrency exchanges. This implementation of the revised registration screening is to check if the exchanges are properly carrying out risk management.

The country is known for being one of the early adopters of cryptocurrency and the news of strict regulation on cryptocurrency exchanges has been doing rounds in the market since the beginning of this year. This was due to the hack of Coincheck, one of the leading cryptocurrency exchange platform of Japan.

Coincheck is recorded to be the second biggest cryptocurrency exchange hack after Mt. Gox, which was also based out in Shibuya, Tokyo. The exchange platform lost almost $530 million of NEM tokens to the hackers. This was followed by Japan’s Financial Services Agency stepping in by strengthening the cryptocurrency exchange regulations with the focus set on preventing another heist.

Japan’s FSA had announced that they would implement an improvised strict framework for the regulation of cryptocurrency exchanges. This would begin this summer and the rules will apply even on the existing exchange platforms which have received an approval from the government.

According to the recent reports, the registration process of the cryptocurrency exchange platform will be carried out under the revised Payment Services Act. This act was put in force in the month of April 2017, with the priority of protecting the cryptocurrency users.

The revised registration screening process includes an increase in the number questions, close to 400, which are asked during the screening process. In addition, before sending the questions to the exchange platform, the FSA would conduct an on-site inspection in order to validate the answers that are submitted.

The exchange platforms will be required to submit the minutes of meeting conducted by the Board of Directors. This is added to check whether there are enough meeting conducted, which concerns the financial stability and the security of the computer systems of the exchange platform.



Moreover, the Financial Services Agency will be using the records of the board of meetings to check whether the executives of the exchange platform are involved in the decision-making of the company. This also includes a regular inspection of the composition of the company’s shareholders and examining whether the internal system is in place to check for the links to antisocial groups.

The previous screening process for exchange platform consisted of checking the financial status of the applicant and the measures taken by the exchange platform to ensure the safety of its systems.





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

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Coinbase is a huge net positive for not just cryptocurrencies, but for the world, says Bitcoin Cash proponent Roger Ver

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'Coinbase is a huge net positive for not just cryptocurrencies, but for the world', says Bitcoin Cash proponent Roger Ver
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Roger Ver, a well-known Bitcoin Cash influencer and CEO of Bitcoin.com, spoke about the controversy surrounding #DeleteCoinbase campaign, where he stood by the exchange. He also explained the reason behind why he does not consider BTC to be Bitcoin, in an interview with BreakerMag.

Coinbase, a leading cryptocurrency exchange platform, recently made an uproar in the cryptocurrency market over acquiring Neutrino, a blockchain analytics firm. This acquisition resulted in the majority of the cryptocurrency space joining the #DeleteCoinbase movement as the Neutrino team was previously associated with Hacking Team. More so, it was further revealed that the acquisition took place because Coinbase’s providers were selling its data to outside sources.

However, while the majority of the space was chanting #DeleteCoinbase, Roger Ver, on the contrary, spoke in favor of the exchange. On his official social media handle, Ver had stated that the exchange has made a lot of contribution towards driving the adoption of the cryptocurrency space and that space should “be grateful despite a few poor decisions along the way”, adding “Don’t #DeleteCoinbase”.

In the interview, Ver was asked whether Neutrino’s association with Hacking Team did not bother him, and the reason behing why he chose to stay beside the exchange. To this, Ver stated that he was “incredibly troubled” with the association, adding that this was a “really stupid mistake”. He went on to state,



“But people make mistakes sometimes, and I don’t think that it was an intentionally bad mistake on Coinbase’s part. Once they saw the error of their ways, they fixed that. And Coinbase has onboarded millions and millions of people to cryptocurrency. I think Coinbase is a huge net positive for not just cryptocurrencies, but for the world.”

This was followed by Ver speaking about the reason behind his belief that BTC is not Bitcoin. Ver has been previously criticized because of the same topic, so much so that there were people who were considering taking legal action against him. This was because of propagation that Bitcoin Cash [BCH] was the real Bitcoin.

On this, Ver stated there were several people who have called him a “scammer” because of this, adding that there were barely any who was up for an argument, instead of name-calling. He also stated that there was a possibility of him believing that BTC was indeed the real Bitcoin, but stated that there weren’t “any arguments that are compelling at this point”. He said,

“I came to those conclusions based on the logic and reason and evidence and arguments that favored those positions. And if someone wants to try and convince me that BTC is bitcoin, even though it’s not a peer-to-peer electronic cash system, I will listen to those arguments and evaluate them based on their merits.”





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