Japan's Crypto Industry to Launch Self-regulating Body

Japanese crypto associations join forces to form a self-regulating body
16 February 2018   680

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 Partner with Chainalysis for AML

Use of Chainalysis KYT solution will allow to compile with KYC- and AML-norms and also simplify the process of opening bank accounts
18 October 2018   74

The largest exchange by daily trading volume Binance uses software from Chainalysis, called Chainalysis KYT [know your transaction], to monitor real-time transactions and identify transfers related to criminal activity. This is stated in a joint press release.

Cryptocurrency businesses of all sizes face the same core challenge: earning the trust of regulators, financial institutions and users. We expect many to follow Binance's lead to build world-class AML compliance programs to satisfy regulators globally and build trust with major financial institutions.
 

Jonathan Levin

Co-Founder and COO, Chainalysis

Thus, the use of software from Chainalysis not only guarantee compliance with the KYC- and AML-norms, but also simplify the process of opening bank accounts.

By working with Chainalysis, we are able to continue building a foundational compliance program that enables the next phase of our growth. Our vision is to provide the infrastructure for a blockchain ecosystem and increase the freedom of money globally, while adhering to regulatory mandates in the countries we serve.
 

Wei Zhou

CFO, Binance

Chainalysis KYT release was held in April.