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Coincheck Hack brings even more Regulations

This summer will bring a strict level of regulation to cryptocurrency exchanges that do business in Japan, according to CCN and Nikkei Asian Review. All cryptocurrency exchanges, including those that have been in the Japanese market already, will be obligated to follow these regulations.

 

Anyone who does not comply will be barred from doing business in Japan. The aim is, by all accounts, to shift the direction of all cryptocurrency related regulations towards protecting the customer. This means, at least, that the customer will be protected in the way that Japanese governmental agencies see fit.

 

While limited information exists on what these regulations will be as of now, certain points are still quite clear. To begin, the whole process of running a cryptocurrency exchange in Japan will begin with submitting paperwork to the FSA to register that exchange. If you don’t remember it from the news, the FSA is basically Japan’s equivalent to the SEC.

 

The second step of the process is that the FSA will review these registration documents and then send inspectors to the exchange which is looking to register. The aim of such a visit is reportedly to clearly understand how each exchange operates including that how it does things in reality matches what it wrote on its registration forms. 

 

Overall, the FSA hopes that these personal visits will allow it to mitigate for potential risks inherent in doing business with cryptocurrency exchanges. A prime example of this would be any kind of scamming or cutting and running with customer funds that might go on. 

 

Inside of all of this, however, a question still remains. How will the FSA see us, as properly protected customers? What exactly does this mean for the future of the industry? Only time will tell, but it is clear that Japan has every attention of allocating significant resources towards preventing another major hack.

 

 

 

By : BGN Editorial Staff

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