Japan May Initiate Unscheduled Exchage Check

An anonymous source told the investigation of the authorities affected the Fisco and Huobi Japan due to the alleged structural changes in the management
23 April 2019   500

The Financial Services Agency of Japan (FSA) has begun an unscheduled check of two local crypto exchange for their customer protection standards and legal compliance. It is reported by the Cointelegraph, citing Reuters Japan.

An anonymous source told reporters that the investigation of the authorities affected the Fisco and Huobi Japan exchanges. Apparently, the regulator paid close attention to these platforms due to the alleged structural changes in the management of the companies.

Note, at the end of last year, the Bitcoin exchange operator Zaif transferred the business to the investment company Fisco after the platform was hacked in the fall.

According to an anonymous informant, the FSA was also interested in anti-money laundering measures taken by the exchanges. During the test, the regulator considered them insufficient.

In February, the National Police Agency of Japan reported that money laundering with the help of cryptocurrencies increased 10 times in the country.

Huobi Chain to Go Open Source

According to the GitHub label, it is written in Rust
13 November 2019   101

Huobi Chain developers have posted a source code for DeFi services-oriented blockchain on GitHub. Later, regulatory control tools are integrated into it, reports CoinDesk.

Part of the technical infrastructure of the project is provided by the Nervos blockchain startup. Company representative Bo Wang explained that the built-in components will allow regulators to control the placement of contracts, asset ownership and transactions.

Regulators and financial institutions will be able to block assets and accounts through sidechains in case of emergency, Wang added.

It is anticipated that these decisions will ensure compliance with anti-money laundering standards.

Supervision nodes will enable regulators to independently run and maintain nodes, extract data, and participate in the ecosystem’s supervision.

Bo Wang

Researcher, Nervos

Huobi Chain will also provide tools for pre-auditing deployed applications.

It's worth noting that Rust is noted as a programming language of the Huobi Chain at the GitHub.

Huobi announced the development of the blockchain in July. It was expected that the network code will be open in the III quarter, and the test network will work at the beginning of next year.