[2018-05-09] Japan Has Announced New Five-Point Regulations for Cryptocurrency E

[Vladdirescu87]

Japan Has Announced New Five-Point Regulations for Cryptocurrency Exchanges

Taking into account recent crypto coin robberies, the Financial Services Agency (FSA) of Japan has decided to put tougher regulations on crypto exchanges, as Nikkei Asian Review reported on May 6. The financial institution has presented five strict guidelines which legitimize digital currency transactions on the country’s financial market.

The move is seen as an attempt to prevent any possible security problems like those that appeared at Coincheck in January this year. Hackers stole almost $530 million in NEM tokens from the fintech company.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/japan-announced-new-regulations/

[Vannie12]

Crypto exchanges are not allowed to keep virtual coins on a computer that is connected to the internet. Furthermore, they need to create multiple passwords for transferring any amount of trade coins.

I think people who are not familiar with crypt o currencies are the only persons not doing this.
I think every user should always know risks of keeping their bitcoins vulnerable to the web.

Crypto exchanges need to increase control over anti-money laundering means, especially for large transactions.

Cryptocurrencies of high anonymity are to be banned due to their possible use for money laundering.

Security is indeed the first thing that people should learn especially when everything is about their wealth.
Though  l honestly love the anonymity feature of bitcoins because it gives equity to users even for students and other sorts of people, I think it is just that government will take a step to assist their citizens.
I just hope that government don't do such things for their own greediness.

Crypto exchange operators need to check customers’ account balances many times a day in order to observe any signs of scams or diversions.

I think this is risky. I think if you oftenly check balances it is easier for hackers to track users.


Well I just shared thoughts about this 4 and I think I do not have any problem about the last point.

[Leyss]

Hackers are now a very big problem, which must be fought together. As a rule, hackers steal large sums. And how much they steal from ordinary people, this is impossible to calculate. Therefore, take measures to combat hacking. Japan is one of the first countries to start fighting this common problem, since this country has largely outstripped other countries with regard to the introduction of the crypto currency. Such measures are necessary.

[Arkyo]

The Japanese are just incredible, so clearly and simply formulate the rules for the regulation of cryptocurrencies! I think they will remain recognized leaders in the field of blockchain and cryptocurrency for the coming decades!

[hatshepsut93]

So, 2 of these regulations are about anti-money laundering, which doesn't have anything to do with security of exchanges. The rest 3 regulations are not that useful - it's already the main interest of exchanges to not get hacked, I really doubt they need some laws telling them to do so. The government can't solve this problem, because everything that is connected to the Internet eventually gets hacked - banks and traditional payment systems also get hacked, but as centralized systems, they can undo the robbery, while it's nearly impossible with cryptocurrency (the DAO fork is one of a few examples). This problem is created by people not using cryptocurrencies as they were supposed to - being your own bank and store coins in your own (preferably cold) wallet.

[richardsNY]

Hackers are now a very big problem, which must be fought together.

This is quite the general opinion, which is something they want you to believe. Sure, hacks are an actual problem, but the main problem in my opinion is an inside job. It's way too easy to just put the blame on hackers as if they were behind it, while in reality it only distracts attention away from the actual brain behind the theft. Coincheck in every way acted shady, especially if you look at how much coins they had sitting in hot wallets. Seriously, who leaves half a billion worth of one single altcoin in hot wallets? In no shape or form is XEM such a large coin that it requires the exchange to stack their hot wallets like that. It's impossible to prove, but I strongly hint towards an inside job....