Main page News, Japan

Anonymous coins will be banned in Japan. On June 27, The Japan Virtual Currency Exchange Association (JVCEA) will publish new rules for the regulation of the cryptocurrency market. This will be done in the framework of strengthening the fight against money laundering and insider trading.

16 government-approved cryptocurrency exchanges that are part of the association will stop adding new privacy digital coins. In addition, exchanges will have to remove anonymous coins like Monero, Dash, and Zcash. Under the new rules, the punishment for employees of stock exchanges that were seen in insider trading is planned to be tightened.

The refusal of anonymous coins is caused by the pressure of the Japanese financial regulator FSA. JVCEA will consider as a violation of the rules all information about the addition of new coins and related trader transactions. The Association will also pay close attention to the fight against pump and dump schemes. Bidding will be interrupted in case of sharp jumps and falls in exchange rates.

The Japan Virtual Currency Exchanges Association was founded in April 2018 after hacking into the Coincheck platform, which hacked more than $530 million in the NEM altoquin. In April, JVCEA published a manual stating that local trading floors should keep their funds separate from client assets, have a minimum security of $ 1.8 million, regularly publish financial statements and conduct scheduled inspections.

Japan Beats on Bitcoin

Recently the Japanese financial regulator has for the first time refused to authorize a licence for a crypto-exchange platform. The Financial Services Agency (FSA) has rejected the registration of the cryptocurrency exchange FSHO. An inspection of the company has revealed that the Yokohama-based firm does not possess the necessary systems required to manage its business.

By Ekaterina Ulyanova

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