Zaif Halts New Memberships

Among the 16 crypto exchanges in Japan, osaka-based crypto exchange Zaif, has suspended signing up new members. « We decided to temporarily stop accepting new membership enrollment at 21 o’clock on September 28, » Zaif’s operator, Tech Bureau, announced Friday. The Business clarified, »Customers 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 damage to all existing customers who were victimized by the current money outflow that is virtual, but to do so, [we want ] to focus our resources.

Zaif was hacked on Sept. 14 but the breach wasn’t 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 nation’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 largest crypto market, »has turned into a wholly-owned subsidiary of Bitflyer Holdings Inc. by way of a stock transfer. » In a joint announcement, Bitflyer Inc. and Bitflyer Holdings Inc. explained, »Everyone 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 operational and administrative purposes, to describe the duties and responsibilities of each function, to strengthen corporate governance, and to produce a more thorough compliance arrangementturning stone casino bitcoin bitcoin penguin casino reddit 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 market explains on its website.

With the institution of the holdings company, Yuzo Kano has resigned 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 managed online, » citing unnamed sources. Members of the association are the 16 controlled crypto exchanges, such as Bitflyer and Zaif. The group has filed to develop into a company that can legally enforce. The information outlet added that according to the resources:

The ceiling is very likely to be around 10 to 20 percent of customer deposits.

The team was established in response to Coincheck’s hack and has been working on implementing self-regulation. 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 controlled crypto trades and three deemed providers obtained from the Jvcea, 81.6 percent of all crypto trades 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 agencybitcoin casino no deposit 2018 bitcoin casino and faucet Japan currently has a total of Lastroots, Coincheck three deemed providers, and the Bitcoin of Everybody.

In its report, the FSA shows that it will »Tighten registration screenings and observation, 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 global collaboration 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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