Japan's Crypto Industry to Launch Self-regulating Body

Japanese crypto associations join forces to form a self-regulating body
16 February 2018   955

Japan’s two cryptocurrency industry groups the Japan Blockchain Association and the Japan Cryptocurrency Business Association are planning to merge to form a self-regulating body, seeking to better safeguard investors after last month’s $530 million heist of cryptocurrency. This is reported by Reuters.

The new organization may appoint the heads of the two existing associations as chairman and vice chairman. The Japan Cryptocurrency Business Association said in a statement that nothing has been decided. 

The Coincheck heist exposed flaws in Japan’s system and raised questions over the country’s dash to regulate the industry - a sharp contrast to clampdowns by countries like South Korea and China.

We have recently reported that the UK’s leading cryptocurrency companies have joined together to launch a self-regulatory trade body called CryptoUK to improve industry standards and engage policymakers on the future of the sector.

Binance to Join Forces With IdentityMind

IdentityMind provides exchanges with ability to comply with KYC\AML worldwide
26 March 2019   86

Binance announced an agreement with IdentityMind, which will help it ensure compliance with regulatory requirements and improve data security.

IdentityMind provides cryptocurrency exchanges with access to the platform, thanks to which they can monitor compliance with customer identification and anti-money laundering requirements in real time. This includes connecting new customers, managing their profiles and monitoring transactions.

The partnership between Binance and IdentityMind further strengthens our compliance capabilities and our commitment to re-invest in the blockchain ecosystem and grow it. We continue to evolve and enhance security systems while adhering to regulatory mandates in the countries we operate in. The goal is to foster greater trust among financial institutions worldwide.
 

Samuel Lim

Chief Compliance Officer, Binance

Last year, Bloomberg wrote about the Binance user identification system as the least strict in the entire industry, and linked the “level of anonymity” provided by the exchange with the risks of money laundering and market manipulation.

In October, Binance entered into an agreement with a supplier of transaction analysis software on the blockchains Chainalysis, and in November with Refinitiv, which developed an automated solution for client verification.

Whether the ordinary users of the platform will feel the impact of the integration of IdentityMind tools on themselves, the exchange does not specify.