In an effort to break through the stalemate surrounding cryptocurrencies in Asia as well as all over the world, Japan has offered to share its experience with cryptocurrency guidelines with regulators belonging to other G20 countries.
The G20 summit will be organized in Japan, in June 2019. Japan is one of the few countries in the world, which has a working regulatory guideline pertaining to cryptocurrencies.
News portal, News.Bitcoin quoted a local daily as saying, “Since it is difficult to establish common rules, we [Japan] decided to put them in a guidebook, to have the know-how in a form that suits each country, and to raise the level of regulation.”
The news portal further stated that the manual addresses key regulatory areas such as “Necessary measures to protect customer assets,” “Measures against cyber attacks,” and “Ways of providing information to customers.”
Japan had to come up with extensive regulatory guidelines in a very short time, post the hack of one of the country’s exchanges, Coincheck. If readers would recollect, hackers had breached security protocols and depleted $530 million from Coincheck.
At the time the NEM Foundation, creators of the XEM cryptocurrency, said it had traced the stolen coins to an unidentified account, and the account owner had begun trying to move the coins onto six exchanges where they could then be sold off, Jeff McDonald had said.
Singapore-based McDonald said, “The hackers are] trying to spend them on multiple exchanges. We are contacting those exchanges.” NEM spokesperson Alexandra Tinsman said the hacker had started sending out “XEM” coins to random accounts in 100 XEM batches, worth about $83 each.
In December last year, the Financial Services Agency (FSA), the regulatory body of Japan had revealed its expectations for the self-regulation of cryptocurrency exchanges in Japan. The FSA had granted the Japan Virtual Currency Exchange Association (Jvcea) self-regulatory organization (SRO) status under the Payment Services Act in October.
Another important area highlighted by the FSA was more emphasis on self-regulation. It said, with the rapidly increase in technological advancement, it saw the importance of associating with self-regulatory body. It wrote, “For this reason, we urge members to join the certified self-regulatory association.” It had also stated that exchanges would need to do more to maintain and strengthen their “maintenance of customer property.”
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