IMF Considers Crypto Regulation is Inevitable

This is said by Christine Lagarde, Head of the organization at a summit in Dubai
12 February 2018   480

Head of the International Monetary Fund (IMF) Christine Lagarde said that the fund is trying to prevent the use of bitcoin and other crypto currency for money laundering and terrorist financing. She said this in an interview with CNN Money.

I believe that it [crypto regulation] is inevitable.We had regulation of organizations over the past ten years after the financial crisis, but now we definitely need to move towards regulation of [crypto-currency] transactions.

Christine Lagarde

Head, International Monetary Fund

According to her, the crypto currency has many "dark" moments, so the IMF actively tries to prevent their use for money laundering or terrorist financing.

Also, Kristin Lagarde added that regulators need to focus on how and by whom transactions are conducted, their control, and also on the availability of necessary licenses for operators.

Japan to Tighten Regulation Due to Zaif Hack

$ 62 000 000 worth cryptocurrency was stolen from the Zaif exchange few weeks ago
25 September 2018   70

Hacking of Zaif exchange is the reason for toughening control over the market by the financial regulator of Japan, Reuters reports.

The first measure taken was administrative sanctions against the exchange and its operator Tech Bureau Corp. The Financial Services Agency (FSA) has expanded the list of requirements for the latter, pointing out the need to identify preventive measures and search for the organizers of the theft.

Shortly before that, researchers of the Japanese financial company Tech Bureau Corp could not provide details of the theft of $ 62 million from the Zaif crypto exchange at the request of the FSA. The Osaka-based operator had to investigate the causes, consequences of the theft and options for compensating the victims. According to the Agency, the financial company could not cope with the task.

According to the Tech Bureau, the exchange was hacked on September 14 within a few hours. The problem with the server was discovered by the site staff on 17 September. Official confirmation of the incident and notification of the authorities was made only a day later.

Recall, the theft of $ 60 million from the Japanese stock exchange Zaif caused a surge of volatility of bitcoin. For a short time the price was able to overcome the distance of $ 400.