Japan Remains Intent on Crypto Domination Despite Hack Woes

With a projected annual income of $9.Two billion (1 trillion yen) from cryptocurrency trading taxes, the Japanese government denies to let go of the ambition to lead the digital currency space ter Asia and thus thrust the country&rsquo,s economy forward, according to observers ter the region. The intention remains despite the latest attack on Tokyo-based crypto exchange CoinCheck, which fell victim to the fattest coin heist on record after losing an estimated $530 million ter NEM tokens to hackers two weeks ago.

Weten Kawai, government cryptocurrency adviser and fucking partner at law hard Anderson Mori &, Tomotsune, wasgoed quoted spil telling:

&ldquo,Innovation has bot so swift that the government and bureaucrats until recently did not understand the functions of the blockchain or what a &lsquo,cold wallet&rsquo, or a &lsquo,hot wallet&rsquo, is. Japan’s financial regulators are traditionally very conservative and never the very first to budge, but that has switched, and Japan wants to be friendly to fintech. It is just that nobody expected it to toebijten this rapid.&rdquo,

The CoinCheck heist highlighted the lax security at cryptocurrency exchanges, but regulators are now quickly catching up. Te CoinCheck&rsquo,s case, the exchange has bot blamed for storing the NEM coins te a &ldquo,hot wallet&rdquo, instead of a &ldquo,cold wallet,&rdquo, which is more secure because it operates on a protocol that is disconnected from the Internet. The technicus also failed to implement a multi-signature system for an added layer of security.

Japanese regulator to pay verrassing visits to crypto exchanges

Last week, the Financial Services Agency (FSA) of Japan said it would conduct verrassing on-site inspections at several digital currency exchange operators to check their security systems against hackers.

The announcement followed the raid by FSA inspectors ter the offices of CoinCheck to monitor the technicus&rsquo,s capability to react to a real-time crypto heist and explored its security governance policies.

The agency also demanded that the remaining 31 crypto exchange operators te Japan opstopping reports on their system risk management and virtual currency storage.

Japan snatches top spot ter crypto space

Last month, gegevens from Coinhills.com displayed that Japan had emerged spil the top global player ter cryptocurrency market development, with the Japanese yen accounting for 56.2% of Bitcoin (BTC) spil of January 15. The US dollar came ter a distant 2nd with 28.4%, while the surplus of the digital currencies accounted for only 15.4%.

Midori Kanemitsu, CFO of Japan&rsquo,s largest cryptocurrency exchange technicus, bitFlyer, commented:

&ldquo,Effectively, Japan is the very first and only country that has a zindelijk legal system regulating cryptocurrency trading. That&rsquo,s a big overeenkomst. Before the law regulating cryptocurrencies, people worried what would toebijten to their money if an exchange were to go bust.&rdquo,

Related movie: Top Trio YouTubers Who Lost Money ter Bitconnect Scam (1 Million Dollars)