Japanese regulators plan more raids

Following the massive hack of Coincheck several virtual currency marketplaces are under scrutiny
08 February 2018   956

Japan’s Financial Services Agency intensifies oversight in hopes the businesses will take stronger security measures for consumers’ protection. On-site inspections are planned for this week, as earlier operators were asked to report on asset management, corporate governance and security. However, many companies provided vague details on their business model or were found to have low security measures in terms of asset management.

Without the scrutiny of the regulator and also the lack of professionals in cybersecurity and internal auditing on the market may lead a slow pace of the improvement. Hopefully, the planned raids will make the necessary push for more security and stronger safety in the virtual currency industry. A reprimand will lead to disciplinary measures such as improvement orders

In the race for customers’ attention, many operators didn’t properly address the security consequences of such actions.Among the total 32 cryptocurrency exchanges, Coincheck is currently one of the 16 platforms that are not formally registered with the FSA because the operation started before the cryptocurrency law went into effect last April in Japan.

SEC to Start VanEck-SolidX BTC-ETF Consideration

Starting today, the 45-day countdown to the SEC initial decision was launched
20 February 2019   98

For the first time since August of last year, two proposals on the creation of a Bitcoin-ETF are under consideration by the US Securities and Exchange Commission (SEC).

The application of VanEck and SolidX, issued in cooperation with the Cboe BZX exchange, as expected, was included in the Federal Register issue this Wednesday, with which the 45-day countdown to the SEC initial decision was launched. The application of Bitwise Asset Management and NYSE Arca was published last week.

I … hope that our investment in regulatory and market education, hard work and commitment will be honored when the time comes.
 

Gabor Gurbacs

Director of digital asset strategy, VanEck

The head of Bitwise’s research department, Matt Hogan, believes that not only firms that have submitted bids to create Bitcoin-ETFs are looking for approvals, but and the entire “extremely fast-growing” crypto industry.

A year ago there was maybe one qualified crypto custodian … and now there are half-a-dozen, and that number will go up from here. A little more than year ago, we didn’t have futures. A year ago we didn’t have nearly as many firms making markets. A few months ago, you didn’t have folks like Fidelity announced in the space. It’s evolving really, really quickly.
 

Matt Hougan

Global head of research, Bitwise

 As reported, ultimately, however, a bitcoin ETF approval will depend on how companies approach their proposals.