[2018-02-16] Japan's Finance Watchdog to Inspect 15 Unlicensed Crypto Exchanges

[tyz]

Japan's Finance Watchdog to Inspect 15 Unlicensed Crypto Exchanges

The Japanese government said today that inspections will take place at 15 unlicensed cryptocurrency exchanges in light of a recent major hack.

https://www.coindesk.com/japanese-government-orders-inspections-at-15-unlicensed-crypto-exchanges/

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[richardsNY]

I wish the western regulators would do so with all the shitty unlicensed exchanges in this market. I like the swift response from Japan after the recent 'hack' of Coincheck. It yet again shows their initiative in an attempt to have similar situations in the future prevented. I however hope that the authorities won't just leave Coincheck alone like nothing has happened after they are finished. It's insanely shady that an exchange has $500 million worth of digital assets sitting in hot wallets. On top of that, this $500 million concerned just one single coin! How much digital value had they overall in their hot wallets? Nothing points at these numbers, which I would like to know honestly. I tried to search for a proof of solvency kinda section of Coincheck, but couldn't find it.

[secondgarlic]

More control is good, especially in terms of exchanges. There were a lot of fishy "hacks" (wink wink nudge nudge) and "bankruptcies" in the past that I can't believe that there still are unlicensed exchanges out there. Instead of figuring out how to tax cryptocurrencies, I think the most important and urgent task of any government is to come up with regulations for exchanges, and they have to shut down any exchange that doesn't comply.