FSA s Priority Report benefits of bitcoin online casino

Zaif Halts New Memberships

Among the 16 crypto exchanges in Japan, osaka-based crypto exchange Zaif, has suspended signing up new members. “We decided to temporarily stop accepting new membership registration at 21 o’clock on September 28,” Zaif’s operator, Tech Bureau, announced Friday. The company clarified,”Customers who are waiting for registration, such as being already in the process of identity verification by applying for membership registration, will register as usual as a member,” adding:

We’re responsible for recovering the harm to all customers who were victimized by the digital currency outflow that is current, but to do so, [we want ] to focus our resources.

Zaif was hacked on Sept. 14 but the violation wasn’t found until Sept. 17. The total damage is estimated to be approximately 7 billion yen (~$62 million). Tech Bureau claims that roughly 5,966 BTC, 42,327 BCH, and 6,236,810 MONA were stolen and casino games gametwist casino. The nation’s Financial Services Agency (FSA) has issued the company a third business improvement order.

Bitflyer’s Overhaul

Bitflyer announced Monday, Oct. 1, a change in the company’s organizational structure. “Today marks the institution of the holdings company, Bitflyer Holdings Inc.,” the company announced. Bitflyer Inc., which operates Japan’s largest crypto market,”has become a wholly-owned subsidiary of Bitflyer Holdings Inc. by means of a stock transfer.” In a joint announcement, Bitflyer Inc. and Bitflyer Holdings Inc. explained,”Everyone will be able to use our services and trade just as they always have,” noting:

The purpose for creating a holdings company would be to separate administrative and operational purposes, to clarify the duties and obligations of each function, to strengthen corporate governance, and to create a more thorough compliance structureno deposit bonus bitcoin casino usa best bitcoin casino usa reviews June 22, Bitflyer Inc. halted new account registrations after it was issued a business improvement order by the FSA. “In order to maximize our efforts towards building a suitable service and improving on the issues identified, we have voluntarily and temporarily suspended the onboarding of new clients,” the exchange explains on its website.

With the institution of the holdings company, Yuzo Kano has stepped down as the representative director of Bitflyer Inc. to become the CEO of Bitflyer Holdings Inc.. Nobuyoshi Suzuki from Mitsui Bank Ltd has been appointed the new representative director of Bitflyer Inc..

Self-Regulatory Plans

On Sunday, Sept. 30, Jiji Press reported that the Japan Virtual Currency Exchange Association (Jvcea)”will set a ceiling on the amount of digital monies managed online,” citing unnamed sources. Members of the association are the 16 crypto exchanges, including Zaif and Bitflyer. The group has registered for certification with the FSA to become an organization that can legally enforce. That was added by the news outlet according to the resources:

The ceiling is very likely to be around 10 to 20 percent of customer deposits.

The group has been working on implementing self-regulation and was established in response to Coincheck’s hack in January. With the hack of Zaif, the group”intends to tighten self-regulatory steps it follows on the management of customer assets,” the novel described. The information outlet further detailed that the group”will update the self-imposed rules, drawn up in July, and implement them once it’s certified by the Financial Services Agency.”

FSA’s Priority Report

The FSA published a report entitled Financial Services Policy: Assessments and Strategic Priorities 2018 on Wednesday, Sept. 26.

The agency revealed that based on data of 14 regulated crypto exchanges and three deemed providers obtained from the Jvcea, 81.6 percent of all crypto transactions going through these exchanges are”margin or potential trading.” Meanwhile, 18.4 percent are spot trading. Deemed providers are exchanges which were allowed to operate in Japan while their applications are still being reviewed by the bureauGet a glimpse of the platform through a top bitcoin casino in the us Japan now has a total of Lastroots, Coincheck three deemed providers, and the Bitcoin of Everybody.

In its report, the FSA shows that it will”Tighten registration screenings and observation, due to issues found in reviews,””Review certification applications ready by self-regulatory organizations and invite them to attain the early establishment of the self-regulating function,” and”Lead the discussion for international cooperation to form regulations as the chair of the G20 in 2019.”

What do you consider the improvements in Japan? Tell us in the comments section below.

Images courtesy of Shutterstock, Japan’s FSA, Zaif, and Bitflyer.

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Source: bitcoincasinoreview.net



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