Bitcoin, Crypto currency, Blockchain

For private crypto-currencies in Japan – Coincheck obeys FSA

99d1dcbb9c55c54df3b946db15c4fb4b - For private crypto-currencies in Japan - Coincheck obeys FSA

The Japanese crypto exchange Coincheck has announced that beginning in mid-June, four crypto-currencies can no longer be on the Platform traded. This prohibition applies Monero (XMR), Zcash (ZEC), Dash (DASH), and Augur (REP). Coincheck adds to the requirements of the Japanese financial authority, Financial Services Agency (FSA).

In March, BTC-ECHO reported on the events in Japan. The local trading platform had been searched to the beginning of the year 2018 from a Hacker attack home. The attackers captured the New Economy Money (NEM), worth over 400 million US dollars. Even then, the FSA was criticised because Coincheck offer Laundry the opportunity for the money.

Because of money laundering against private crypto-currencies

The difficulty with private crypto-currencies that no payment flows can be tracked. The users of the currencies does not remain completely anonymous, unless you anonymize yourself through a KYC process. While the bitcoin Blockchain is completely transparent, and using computer software to analyze, not, or only conditionally, is this currencies, in the case of anonymous Crypto either.

The Japanese FSA is trying to the dissemination of the private crypto-currencies counter, no stock market licenses to Exchanges, such Coins in their selection. Apparently with success, because Coincheck follows the instructions of the Supervisory authority.

While the authority of the currencies in Hong Kong, the risk of Crypto as a harmless classifies, Japan to money laundering and terrorist financing. But Japan, with its Position alone, because the EU recently announced templates for crypto exchanges. In the EU you are allowed to trade currencies like Monero, Zcash & co., however, the exchange operator must store the customer data for up to 10 years.

Coincheck pays customers in Yen

Coincheck takes the four crypto-currencies from its Listings. Customers who still have stocks in one of the currencies will receive a compensation. On your own Blog Coincheck announced, the remaining stocks of the crypto-currencies to the market to sell price and the Affected in Yen to be credited.

Whether the Regulation of the FSA binds actually the machinations of a Criminal, remains to be seen.

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