Japan to Give First Jail Sentence For Hidden Mining

Unemployed 24-year-old resident of the city of Amagasaki received one year's imprisonment with a three-year suspended sentence
03 July 2018   763

The Japanese court for the first time issued a guilty verdict for using a hidden mining of cryptocurrency, Bitcoin com reports.

On July 2, the Sendai District Court sentenced an unemployed 24-year-old resident of the city of Amagasaki, Hyogo Prefecture, to one year's imprisonment with a three-year suspended sentence.

This verdict was the first decision in the case of the spread of the browser-based CoinHive Miner to other people's computers for the hidden mining of Monero.

In the autumn of 2017, three suspects created websites that installed a virus-mining program on their devices without their consent.

One of them, the law enforcement agencies of Japan have imposed a fine of 100 thousand yen (about $ 900) for the illegal deployment of the virus. He himself, however, argued that in fact this program is not a virus, but is "a method similar to what is used to distribute online advertising."

Since June 18, the Financial Services Agency of Japan (FSA) has banned anonymous crypto-currencies, including Monero, because of the potential for their use in fraudulent purposes.

Also this week it became known that the Agency is considering the possibility of changing the regulatory and legal framework for controlling exchange operations with bitcoin and other cryptocurrencies.

Huobi to Issue Loans for Miners

This is the part of services that will be available for russian clients of the crypto exchange
19 November 2018   57

Huobi, which opened an office with 30 employees in Moscow on November 12, expects to give Russian users access not only to trading functionality, but also something more. This reported by CoinDesk.

As previously reported, a new call center with Russian-language support opens on the basis of the Russian division, which in itself distinguishes Huobi against the background of such exchanges as Binance, OKEx and Bitfinex, which are currently not ready to provide support to users in Russian.

In addition, through the Russian division of Huobi will implement over-the-counter trading (OTC) and listings, as well as provide personal managers for large customers, its head Andrei Grachev said. .

Initially, Huobi’s plans were even more ambitious - the exchange wanted to give users the opportunity to make deposits in Russian rubles, but local experts did not advise it to do so.

They consulted with us a lot, and in the end, I think, we made them feel disappointed. They were interested in providing fiat operations, but we told them it’s impossible.
 

Vladimir Demin

Head of the Center of Digital Transformations, Russian government-owned development bank Vnesheconombank

Nevertheless, Russian users will be able to buy cryptocurrency for rubles through an over-the-counter service, and then transfer it to their trading accounts, Grachev said. The over-the-counter platform is already functioning, but for the time being it is used by very few users from Russia, so Huobi expects to attract new customers to its proposal with a favorable commission rate.

In addition, Huobi intends to issue loans to miners for the purchase of specialized ASIC equipment and lease premises for their placement. According to Grachev, the service can earn in the first quarter of next year.