Zaif Halts New Memberships

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

We are responsible for recovering the harm to all customers who were victimized by the current money outflow, but to do so, [we need] to concentrate our resources.

Zaif was murdered on Sept. 14 but the violation wasn’t discovered until Sept. 17. The total damage is estimated to be about 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 country’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 business’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 turned into a wholly-owned subsidiary of Bitflyer Holdings Inc. by way of a stock exchange.” In a joint statement, Bitflyer Inc. and Bitflyer Holdings Inc. explained,”Everyone will be able to use our services and transaction just as they always have,” noting:

The purpose for creating a holdings company would be to separate administrative and operational purposes, to describe the duties and responsibilities of each job, to strengthen corporate governance, and to create a more thorough compliance arrangementbitcoin casino usa code bitcoin casino free spins no deposit 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 topics identified, we have voluntarily and temporarily suspended the onboarding of new clients,” the market explains on its site.

With the establishment of the holdings company, Yuzo Kano has resigned 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 currencies handled online,” citing unnamed sources. Members of the association are the 16 regulated crypto exchanges, such as Zaif and Bitflyer. The group has registered for accreditation with the FSA to develop into a company that can legally enforce self-regulation on its members. That was added by the information outlet according to the resources:

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

The group was established in response to the hack of Coincheck in January and has been working on implementing self-regulation. With the hack of Zaif, the team”plans 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 by the Jvcea, 81.6 percent of all crypto transactions going through these trades are”margin or potential trading.” Meanwhile, 18.4 percent are spot trading. Deemed providers are exchanges that were permitted to operate in Japan while their applications are still being reviewed by the bureaua href=””>zigzag 777 casino no deposit bonus Japan has a total of Lastroots, Coincheck three deemed providers, and Everybody’s Bitcoin.

In its report, the FSA reveals that it will”Tighten registration screenings and monitoring, taking account of issues found in inspections,””Review certification applications prepared by self-regulatory organizations and invite them to achieve the early establishment of the self-regulating function,” and”Lead the discussion for global collaboration to form regulations as the chair of the G20 in 2019.”

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

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

Need to compute your bitcoin holdings? Check our tools section.