Reuters: Japanese regulators will introduce new regulations on exchange cold wallet

Reuters: Japanese regulators will introduce new regulations on exchange cold wallet

  

According to a Reuters report on April 17, the Financial Services Agency (FSA) will introduce a new regulation that prohibits cryptocurrency exchanges from using "cold wallets" to store cryptocurrencies.

Reuters quoted a person familiar with the matter as saying that it is reported that Japanese financial regulators will require cryptocurrency exchanges to strengthen internal supervision of "cold wallets."

The FSA allegedly solved the difficulty of securing digital currencies and other risks facing the country by implementing new regulations, as it intends to boost the financial technology industry to stimulate economic growth.

The Japan Financial Services Authority said that although the "cold wallet" is not connected to the Internet, it can provide better security for digital assets, but it may be at risk of internal theft. According to sources, many exchanges did not follow the rules of regularly rotating personnel responsible for storage.

Earlier this month, the FSA heard an argument about not including Bitcoin (BTC) as a currency. During the 41st Financial Committee and the 29th Financial Sector Conference, Iwashita Goto, a professor at Kyoto University, believed that the borderless nature of Bitcoin made it beyond the definition of a trading instrument in the ten years of development.

In March of this year, the Japan Financial Services Authority approved the operation of the second cryptocurrency exchange under the new regulations. The Japan Financial Services Agency began issuing licenses to the new cryptocurrency exchange, hoping to serve the Japanese market. This long-awaited licensing program is, to some extent, a reaction to the events of the past two years, especially the $500 million hacking attack that local exchange Coincheck suffered in January 2018.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

BTC meets resistance at US $ 6800, will the short-term rebound peak?

Author | Hash Pie Analytics Team Bitcoin Futures Reach All-Time High as Bullish Momentum GrowsBrace Yourself: Bitcoin...

Blockchain

Programmer Xiao Ge told: What is the experience of all the wages only bitcoin?

Bitcoin is the first and most well-known cryptocurrency to date, designed to allow people to operate independently of...

Blockchain

Resumption | The halving is approaching, the recovery after the global plunge, how many points can Bitcoin play in this crisis?

This is the 48th original article brought to you by HeartBit Author | Trevor Smith Translation | Jeren ...

Blockchain

Bitcoin callback to $6,000? Analysts say "very likely"

The bitcoin bears have come back, almost as fast as the optimism that has recently shrouded the market. The recent at...

Blockchain

Analysts: Five reasons will drive Bitcoin to a bull market in 2020

Fundstrat analyst Thomas Lee listed five major reasons that will push Bitcoin into a bull market in 2020 in a speech ...

Blockchain

Insert pins up and down at night, dish washing continues

Author | Hash Pie Analytics Team Nevada legislators abolish defective cryptocurrency billsEthereum Alliance and Micro...