Japanese FSA to Change Exchange Regulations

Coincheck hack forced FSA to tighten crypto regulation
03 July 2018   892

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.

OKEx to Launch OKChain Based Decetralized Exchange

Great role in the upcoming exchange will be played by OKB coin, which will be trasfered to OKChain as soon as its development finished
22 March 2019   137

OKEx cryptocurrency exchange will launch a decentralized trading platform on its own blockchain.

Currently, the OKChain blockchain is in the final stages of development, and its test network may be launched as early as June 2019. When the OKEx blockchain becomes stable enough, it will transfer OKB to it, which will then perform the function of the native OKChain token and be used to pay commissions, as well as in its own decentralized network applications.

The primary purpose of OKChain is to launch the OKDEx decentralized exchange, where the OKB token will be used to participate in presales. In addition, project teams will use OKB tokens to pay the service fee to the super nodes of the network.

While the total volume of OKB emissions is 1 billion, 300 million tokens are in circulation today, and 700 million remain blocked. Of this number, 300 million OKB will be distributed to users through the loyalty program, and 400 million belong to the OK Blockchain Foundation and the exchange team. However, for a more efficient formation of the OKB ecosystem, the blocking period of these 700 million tokens will be extended from 2020 to 2022, writes OKEx.

In addition, OKB will be the only token to be accepted during the initial exchange offerings (IEO) on the OK Jumpstart platform, announced earlier this month. According to the company, it is currently negotiating with various projects and will soon announce the launch of the first IEO on OK Jumpstart, for which investors will be admitted who have passed personal verification and have OKB tokens in their accounts.