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FSA s Priority Report benefits of bitcoin online casino

Zaif Halts New Memberships

Osaka-based crypto exchange Zaif, one of the 16 controlled crypto exchanges in Japan, has suspended signing up new members. “We chose to temporarily stop accepting new membership registration 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 enroll as usual as a member,” adding:

We are responsible for recovering the harm to all customers who were victimized by the current money outflow that is virtual, but to do so, [we want ] to focus our resources that are internal.

Zaif was hacked on Sept. 14 but the violation wasn’t found 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 establishment of the holdings company, Bitflyer Holdings Inc.,” the company announced. Bitflyer Inc., which operates Japan’s biggest crypto exchange,”has turned into a wholly-owned subsidiary of Bitflyer Holdings Inc. by means of a stock transfer.” In a joint statement, 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 is to separate administrative and operational functions, to clarify the duties and responsibilities of each function, to strengthen corporate governance, and to produce a more thorough compliance arrangement 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 market explains on its site.

With the establishment 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 regulated crypto exchanges, such as Zaif and Bitflyer. The group has registered for accreditation with the FSA to develop into a company that can enforce. The information outlet added that according to the sources:

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

The team has been working on implementing self-regulation and was established in response to the hack of Coincheck in January. 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 shortly revise the self-imposed rules, drawn up in July, and implement them once it is 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 trades going through these trades are”margin or potential trading.” Meanwhile, 18.4 percent are spot trading. Deemed providers are exchanges which have been allowed to operate in Japan while their applications are still being reviewed by the bureaucasino us player bitcoin bitcoin casino with free spins bonus Japan has a total of Coincheck, Lastroots three deemed providers, and Everybody’s Bitcoin.

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

What do you think of 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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