Zaif Halts New Memberships

Osaka-based crypto exchange Zaif, among the 16 controlled crypto exchanges in Japan, 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,”Clients 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 currency outflow that is digital, but to do so, [we need] to focus our resources.

Zaif was hacked on Sept. 14 but the violation was not discovered 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 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 largest crypto market,”has turned into a wholly-owned subsidiary of Bitflyer Holdings Inc. by means of a stock exchange.” In a joint statement, Bitflyer Inc. and Bitflyer Holdings Inc. clarified,”Everybody 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 operational and administrative purposes, to clarify the duties and obligations of each job, to strengthen corporate governance, and to produce a more thorough compliance structurebest bitcoin casino free play bitcoin casino real jack money June 22, Bitflyer Inc. halted new account registrations after it had been 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 customers,” the exchange explains on its site.

With the institution 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 crypto exchanges, including Bitflyer and Zaif. The group has registered to develop into an organization that can enforce. The news outlet added that according to the resources:

The ceiling is 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 shortly revise 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 trades and three deemed providers obtained by the Jvcea, 81.6 percent of all crypto trades going through these exchanges 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 bureauand casinos gt gt casino games on mobile Japan has a total of three deemed providers: Coincheck and Everybody’s Bitcoin.

In its report, the FSA shows that it will”Tighten registration screenings and observation, due to issues found in inspections,”"Review certification applications ready 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? Let us know in the comments section below.

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

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