Japan’s Regulators Are Putting Bitcoin Exchanges Under Heavy Surveillance - page 2.

cafucafucafu

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Quote from: alyssa85 on September 25, 2017, 09:25:00 AM

http://fortune.com/2017/09/25/japan-bitcoin-exchanges-fsa-financial-regulation/

Quote

Japan's financial watchdog will soon pay very close attention to the internal systems of exchanges for virtual currencies such as bitcoin.

The country's Financial Services Agency (FSA) said Sunday that it would be putting exchanges under what The Japan Times called "full surveillance" from next month.

That means monitoring internal systems, such as those used for protecting customers' assets, and possibly on-site inspections.

The scrutiny is a big deal because—thanks to the Chinese authorities cracking down on bitcoin trading in that country—Japan has recently become the largest bitcoin exchange market in the world.

This was bound to happen because trading volumes were just so high in both japan and Korea recently because of the fact that Chinese exchanges are shutting down soon. So I can see what the Japanese government is coming from.

As long as this "scrutinization" does not turn into full scale shutting down exchanges and implementing very strict KYC and AML, i really don't mind seeing the Japanese government do this.

But i do have a feeling that maybe this will turn into something like China, first scrutinization of exchanges and then just banning them completely.

JanpriX

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Not surprised at all with this news. As stated by the OP, Japan just became the largest Bitcoin exchange market in the world after China closes its doors to BTC trading. Any financial institution/governing body wouldn't let this just slip by as they see so much potential for profit from these exchanges. They will start to tighten their grips on these exchanges and see if they can intervene in it to get some money from them.

Others may think that this will be bad for BTC but we can also see the good side of it. If they provide more law that will help strengthen the position of BTC in their community, many people will feel assured that BTC can be trusted. More people will get interested in it and will start using it more in their daily lives. Well, I'm just hoping that it will provide a positive outcome for us. Roll Eyes

jossiel

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I'm not surprised that Japan's financial services agency will be giving bitcoin / cryptocurrency a big attention.

They have the biggest volume of transactions so they are aware that everyone in their country is well aware of bitcoin and other alt coins.

This will happen to each country that are not expecting with this type of volume of transactions.

As big money is coming to their country and they don't have an idea if where on this Earth that money came from.

Slark

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Are you really surprised that Japanese government will closely monitor crypto trading from now on?
We are dealing with big money here, and when Chinese yuan to BTC trading will cease by the Octobers' end where do you think some Chinese traders will migrate?
People should realize that we cannot have adoption without legalization or control - either crypto will forever remain in grey area or will reach mainstream only with quite a concession on our part.

pixie85

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Quote from: nikisev on September 25, 2017, 03:06:56 PM

Its a good thing. Support of the country like Japan is very positive.
They are very self sufficient economy. Nobody really influence them politically or economically.
So it will be pragmatic decision, hopefully.

I think so too. If their protection is weak, it's better if the government agencies find it first and order them to shut down. Otherwise they'd sooner or later be targeted and exploited by hackers and people would lose their coins like they did on Mt.Gox.

nikisev

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Its a good thing. Support of the country like Japan is very positive.
They are very self sufficient economy. Nobody really influence them politically or economically.
So it will be pragmatic decision, hopefully.

HeRetiK

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Quote from: Fortune.com

So what happens next in Japan, which explicitly legalized bitcoin in April, is important. Exchanges there have until the end of this month to register with the FSA, which has set up a team of 30 people to examine their security practices and the required separation of customer assets from their own.

I know regulation is not very liked here on these boards, but I find it actually very positive that the Japanese Government is taking steps to protect its citizens from fraudulent exchanges. They probably took a lesson from the whole MtGox debacle.

If you want to retain your privacy there's still p2p trading. But if you're just a regular Joe that simply wants to securely invest in Bitcoin without having to navigate around potential scams then that's a very reassuring move.

Wipro

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You doesn't need to worry about it right until you are being involved in illegal activities with the bitcoin. Most of the people doing banking transaction with the trading exchanges with the IMPS transaction henceforth it is a legal way of transaction and you will not be stuck in any place without any issue. It won't impact anyhow to us.

Rahar02

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There will be always another way to transact bitcoin without third party, exchanges just make sure you're not a scammer or get scammed by another. Regulators could easily trace every bitcoin transaction which linked to exchanges, unless you want more privacy. Japan government just make sure there's no fraudulent activity occurs in exchanges that cause citizens feels being protected by government which will attract more adopters to join into bitcoin environment. There's nothing to hide when you are doing just fine.

mk4

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I'm pretty sure the US feds are doing the same, if not making cryptocurrency surveillance more seriously; they probably just didn't announce it to the public. People buying bitcoin usually has their bank account affiliated with their exchange's account so it would be easy for the feds. If only it was easy to buy bitcoin via peer-to-peer. Unfortunately buying on sites like localbitcoins aint cheap. There's always a huge markup on prices.

alyssa85

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http://fortune.com/2017/09/25/japan-bitcoin-exchanges-fsa-financial-regulation/

Quote

Japan's financial watchdog will soon pay very close attention to the internal systems of exchanges for virtual currencies such as bitcoin.

The country's Financial Services Agency (FSA) said Sunday that it would be putting exchanges under what The Japan Times called "full surveillance" from next month.

That means monitoring internal systems, such as those used for protecting customers' assets, and possibly on-site inspections.

The scrutiny is a big deal because—thanks to the Chinese authorities cracking down on bitcoin trading in that country—Japan has recently become the largest bitcoin exchange market in the world.

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