Japanese FSA to Change Exchange Regulations

Coincheck hack forced FSA to tighten crypto regulation
03 July 2018   308

The Japanese Financial Services Agency (FSA) is considering the possibility of changing the legal and regulatory framework for controlling exchange operations with bitcoin and other cryptocurrencies, Сointelegraph reports.

In particular, the FSA is considering the issue of regulating crypto exchanges in accordance with the Financial Instruments and Exchange Act (FIEA), instead of the currently used Payment Services Act. This means that exchanges will have to provide more reliable protection of customers. FIEA obliges financial companies to manage clients' funds and securities, such as shares, separately from corporate assets.

According to the current legislation, cryptocurrencies are legally positioned as the same means of payment as electronic money. If FSA starts to regulate exchanges within FEIA, crypto assets will be treated as a financial product. FIEA will also open the possibility of introducing cryptographic derivatives, such as exchange-traded funds (ETFs).

Coincheck hack forced FSA to tighten crypto regulation. After this incident, FSA began to investigate the activities of 15 unregistered exchanges, revealing a number of security flaws and regulation of business transactions.

Zb.com to Open Office at Malta

Country made another step froward to leadership in blockchain industry
16 August 2018   119

Fifth in terms of the daily trading volumee exchange ZB.com announced plans to open a representative office in Malta. This is reported by CCN.

Secretary of the Malta Parliament for Digital Innovation and Finance Silvio Schembri said that the opening of ZB.com will be another step in the country's leadership in the blockchain industry.

At first, the Maltese branch of ZB.com will offer customers only cryptocurrency exchange, and subsequently also plans to add support for the currency. ZB.com will be the third exchange in Malta, following the offices of Binance and Bitbay, which offers the exchange of digital currencies for fiat money.

Malta is perhaps the world’s most progressive and forward-thinking nation in DLT, crypto and fintech, and we are very excited to be part of the Blockchain Island. We are confident we will be able to announce our live operations soon.

Jimmy Zhao

Co-founder, ZB.com

Zhao said that he was invited to Malta by his business partners and met with government officials to discuss the possibility of opening a representative office.

According to CoinMarketCap, the volume of deals on ZB.com for the last 24 hours was areoud $ 267M. The most popular trading pairs on the platform are BTC / USDT, Dash / USDT, Qtum / USDT and ETH / USDT.