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Japan Unveils Results of On-Site Inspections of 23 Crypto Exchanges

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Japan Unveils Results of On-Site Inspections of 23 Crypto Exchanges

The Japanese financial regulator has finished the on-site inspections of 23 cryptocurrency exchanges. The agency found many problems and has released a report outlining them. The regulator will use the findings to tighten its review procedures of new crypto exchange applicants, including over 100 companies that have been waiting to be reviewed.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Results of On-Site Inspections of 23 Exchanges

Japan’s top financial regulator, the Financial Services Agency (FSA), announced Friday the results of the on-site inspections of 23 cryptocurrency exchanges operating in the country.  Read more...

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Japan Labor Ministry Confused as Crypto Salaries Demand Increased

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Japan Labor Ministry Confused as Crypto Salaries Demand Increased

Japan’s Labor Ministry is not hiding its confusion as the Tokyo Metropolitan Government and venture companies requested a deregulation of the Labor Standard Act. Japan has respected the “salaries in cash” principle for 70 years under the Labor Standard Act, however with the proliferation of digital money and salaries paid in cryptocurrencies, withdrawing money from a bank could increasingly be unnecessary, Nikkei reported.

Also read: Can Banks be Replaced by an App? BitWage says yes they can  Read more...

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Major Korean Exchange Bithumb Expanding into Japan and Thailand

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Major Korean Exchange Bithumb Expanding into Japan and Thailand

One of South Korea’s largest cryptocurrency exchanges, Bithumb, is expanding into Japan and Thailand. The exchange is working on obtaining regulatory approval from the financial regulators of both countries. The new locations are part of the exchange’s global expansion plan.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Expanding into Thailand

Major Korean Exchange Bithumb Expanding into Japan and ThailandBithumb is currently working on obtaining regulatory approval from the Thai Securities and Exchange Commission (SEC), local media reported Friday. The exchange is the second largest in South Korea at the time of this writing, with a 24-hour trading volume of about $ 358 million, behind only the Kakao-backed Upbit with a $ 582 million trading volume during the same time period.  Read more...

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Japan Cracks Down on Illegal Use of Computers to Mine Crypto

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Japan Cracks Down on Illegal Use of Computers to Mine Crypto

The police in Japan are cracking down on the illegal use of personal computers for cryptocurrency mining. Multiple prefectural police departments are currently investigating one particular case and pursuing criminal charges, which would make it the first criminal case in Japan where computers are illegally used for mining cryptocurrencies.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Police to Press Charges

Japan Cracks Down on Illegal Use of Computers to Mine CryptoA police investigation is underway in Japan over the hijacking of personal computers to mine cryptocurrencies, the Mainichi reported.  Read more...

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Japan Set to Finally Reject a Cryptocurrency Exchange

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Japan Set to Finally Reject a Cryptocurrency Exchange

After approving 16 cryptocurrency exchanges, the Japanese financial regulator is reportedly set to reject a crypto exchange application for the first time. The applicant is an exchange which has been suspended twice from carrying out any crypto activities and received two business improvement orders.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

The First Rejection

The Japanese Financial Services Agency (FSA) is reportedly preparing to reject an application to operate a crypto exchange in the country. “The first time it has done so,” Nikkei reported, adding:  Read more...

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Japan: GMO Group Unveils ‘World First’ 7nm Miner As CEO Vows To ‘Top’ Bitmain

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Japanese internet giant GMO has announced pre-orders for its B2 Bitcoin miner — the world’s first miner equipped with 7nm processing technology.

‘I Respect Bitmain, But We Will Top Them’

Unveiling the finished product at a conference, GMO’s CEO, Masatoshi Kumagai, promised to “top” competitors with the product — which aims to deliver more power in return for a higher purchase price.

The move sees GMO vie with market stalwarts Bitmain and Halong Mining Corporation to woo the ever-increasing Bitcoin mining community.  Read more...

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Cryptocurrency Exchange Hitbtc Suspends Services in Japan

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Cryptocurrency Exchange Hitbtc Suspends Services in Japan

Hitbtc has suspended its services for Japanese residents to avoid any trouble with the country’s financial regulator since it is not authorized to operate in Japan. Users with Japanese IP addresses will be asked to provide their residency information within the exchange’s know-your-customer (KYC) procedure to prove they are not residents of Japan.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Suspending Services in Japan

Cryptocurrency Exchange Hitbtc Suspends Services in JapanHitbtc, the world’s eighth largest crypto exchange according to Coinmarketcap, has announced a service suspension for Japanese residents.  Read more...

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Lawsuit Brewing Against Crypto Exchanges in Japan Over Withheld Forked Coins

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Lawsuit Brewing Against Crypto Exchanges in Japan Over Withheld Forked Coins

A class action lawsuit is being prepared by a group of lawyers in Japan over forked coins that cryptocurrency exchanges are not granting to their customers. Citing that these coins belong to the customers, the group seeks to change the business practices of crypto exchanges and obtain the forked coins for the plaintiffs.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Class Action Lawsuit Over Forked Coins

A group of lawyers is preparing a class action lawsuit against the majority of crypto exchanges in Japan for withholding customers’ forked cryptocurrencies. They have formed a litigation counsel seeking to represent crypto holders nationwide in obtaining their forked cryptocurrencies from exchanges. The group announced on Thursday, May 31:  Read more...

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Crypto Learning Centers and Courses on the Rise in Japan, Thailand, and South Korea

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Learning centers, courses, and crypto educational seminars are on the rise in Japan, Thailand, and South Korea. Bitcoin no Madoguchi and Bit Station have opened up to offer guidance to Japanese investors. The Cryptoasset Revolution course and Cryptonist’s seminar are happening soon in Thailand. Meanwhile, Decenter University and Koscom have launched training courses in South Korea.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Japan

Crypto Learning Centers and Courses on the Rise in Japan, Thailand, and South KoreaIn Tokyo, “Bitcoin no Madoguchi” (loosely translated as “Bitcoin’s Window”) recently started offering information on cryptocurrencies, crypto exchanges, and the latest news in the space. The shop is currently accepting reservations from customers seeking guidance. The company’s website explains:  Read more...

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331 High-Income Traders Declared Crypto Profits in Japan

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331 High-Income Traders Declared Crypto Profits in Japan

The Japanese tax authority has for the first time revealed the number of high-income taxpayers who declared cryptocurrency profits in the year 2017. Out of the total number of taxpayers with miscellaneous income of 100 million yen or more, excluding public pension, 60% of them reported income from crypto transactions.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Declaring Crypto Income

The Japanese National Tax Agency announced on Friday the number of people with 100 million yen (~US$ 914,000) or more miscellaneous income that includes income from cryptocurrency transactions, according to local media. Nikkei elaborated:  Read more...

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How Japan Is Creating a Template for Cryptocurrency Regulation

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How Japan Is Creating a Template for Cryptocurrency Regulation

Some countries in Asia are feeling the pain of inadequate cryptocurrency regulation, while others, like India, China and South Korea, have taken an uncertain or hostile stance to cryptocurrency. In contrast, Japan is building a clear framework for how virtual currency exchanges, and soon initial coin offerings (ICOs), should operate there. In doing so, Japan is becoming a hotspot for virtual currency exchanges that can afford to comply with its strict rules, while also creating a regulatory template for the rest of Asia to follow.    Read more...

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Japan Could Pressure Exchanges to Drop Monero & Dash: Reports

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A Japanese regulatory working group focussing on cryptocurrencies has suggested exchanges should not be “allowed” to trade certain altcoins including Dash and Monero.

FSA Suggests Altcoin Squeeze

As Forbes reports citing a meeting of the group, which consists of industry experts organized by Japan’s regulator the Financial Services Authority (FSA), the anonymity options such altcoins present could be grounds to banish them from the country’s burgeoning exchange sector.

“It should be seriously discussed as to whether any registered cryptocurrency exchange should be allowed to use such currencies,” an unnamed member said April 10.

Coinxhexk  Read more...

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Japan Needs to Have Stricter Exchange Regulations According to Monex

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Hot on the heels of their Coincheck acquisition, Monex has stated that Japanese exchanges need to have tougher regulations in place.

Japan has long been known for being a crypto-friendly country. In fact, they saw phenomenal numbers last year when $ 97 billion was traded in just one month. In addition, reports for the 20th of April show that Yen-based Bitcoin trades made up more than 50% of global trades over a 24-hour period.

As regulation efforts increase all around the world, Japan has also shown their support by presenting guidelines on ICOs. However, according to Reuters, online brokerage Monex Group Inc believes that the country can do more with regard to crypto exchange regulations.  Read more...

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16 Government-Approved Crypto Exchanges Have Formed Self-Regulatory Group in Japan

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16 Government-Approved Crypto Exchanges Have Formed Self-Regulatory Group in Japan

A new association has been registered in Japan consisting of 16 government-approved cryptocurrency exchanges. The group will focus on establishing self-regulatory rules and will have the authority to investigate and sanction members that do not comply with self-regulation.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

New Japanese Crypto Association

A new cryptocurrency organization has been registered with the Japanese Financial Services Agency (FSA), consisting of 16 crypto exchanges that have been approved by the agency, according to local media.

16 Government-Approved Crypto Exchanges Have Formed Self-Regulatory Group in JapanThe Japan Virtual Currency Exchange Association recently held a general meeting, during which a director was chosen, Jiji Press reported.  Read more...

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Yahoo! Japan Confirms Entrance Into the Crypto Space

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Yahoo! Japan Confirms Entrance Into the Crypto Space

Yahoo! Japan has confirmed that it is entering the crypto space by acquiring a stake in a Japanese cryptocurrency exchange that is already licensed by the country’s financial regulator. The company plans to launch a crypto exchange in the fall of this year.

Also read: Japan’s DMM Bitcoin Exchange Opens for Business With 7 Cryptocurrencies

Yahoo! Enters the Crypto Space

Yahoo! Japan Confirms Entrance Into the Crypto SpaceYahoo! Japan Corporation (TYO: 4689) announced on Friday that it is entering the cryptocurrency space. The company expects to launch an “easy-to-use exchange” for cryptocurrencies in the fall of this year, Nikkei elaborated.  Read more...

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Bitcoin Boom: Japan Trades $97 Billion in One Month

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Japan has always been a hotspot for Bitcoin, but now there’s data to prove it.

World Leader

Japan’s Financial Services Agency (FSA) has officially released data which proves that the country is one of the foremost leaders in the world of Bitcoin trading.

According to the country’s financial watchdog, a minimum of 3.5 million people was trading digital currencies on Japan’s 17 domestic exchanges at the end of March. The data also shows that a resounding 84 percent of those individuals fall between the ages of 20 and 40.

Japan's FSA on ICOs  Read more...

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Crypto Big in Japan: 14% of Young Employees Invest, Study Says

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Investing in cryptocurrencies is a hot topic amongst young employees (aged 25-30) in Japan, according to a recently conducted survey held amongst 4,734 participants. The numbers also resemble the overall crypto inclination amongst students in the US to a degree.

4,734 male employees in Japan, aged 25-30, were questioned in a New R25 survey called “Questionnaire Survey on Virtual Currency” between January and March of 2018. Their answers revealed that approximately 14% owned some form of virtual currency. Of particular interest was that more than 90% of the crypto hodlers revealed they bought in with an “investment objective.”  Read more...

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Japan Gathers 500 Agents to Fight Cybercrime and Crypto Theft

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Japan Gathers 500 Agents to Fight Cybercrime and Crypto Theft

Japan has decided to set up a new agency to better address cybercrime. The Tokyo-based center gathers 500 analysts and investigators who will also combat cryptocurrency theft. Over 3 million attempts to steal digital information have been registered last year. Hackers have stolen funds worth over 17 billion Japanese yen.  

Also read: Hackers Target 400,000 Computers with Mining Malware

$ 6.3 Million Worth of Cryptocurrency Stolen Before Coincheck

The new law enforcement unit is expected to streamline efforts to combat cybercrime. The center will operate from Tokyo. Over 500 analysts and investigators from different branches of Japanese police and other security services will work at the new agency, Kyodo reported. Authorities hope to address the internet security issues in a more efficient way.  Read more...

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Five Cryptocurrency Exchanges in Japan Throw in the Towel

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Five Cryptocurrency Exchanges in Japan Throw in the Towel

Five cryptocurrency exchanges in Japan are closing after their operators reportedly withdrew their applications with the Japanese financial regulator to operate crypto exchanges. They are in the process of returning clients’ cash and crypto holdings.

Also read: Japan’s DMM Bitcoin Exchange Opens for Business With 7 Cryptocurrencies

Five Exchanges Cease Operations

Five Cryptocurrency Exchanges in Japan Throw in the TowelFive cryptocurrency exchange operators in Japan have withdrawn their applications with the Japanese Financial Services Agency (FSA) to register their crypto exchanges, Nikkei reported on Thursday, adding that “More are expected to follow, as the FSA has given several exchanges a chance to voluntarily close before ordering them to do so.”  Read more...

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