Japan’s Government To Inspect 15 Crypto Exchanges

The inspections will take place at 15 unlicensed cryptocurrency exchanges in light of a recent major hack  
16 February 2018   761

According to the Japan Times, Japan’s financial services minister Taro Aso said that on-site inspections will take place at the crypto exchanges that have filed for licenses but have not yet been approved.

This move comes after the last month hack at Tokyo-based digital currency exchange Coincheck.

During a news conference, Taro Aso stated that the inspections will focus on the exchanges computer system safety measures and how they manage customer assets. He also informed that 5 out 15 of exchanges are already informed of the upcoming inspections.

Following the Coincheck hack, the Financial Services Agency (FSA) ordered all licensed and unlicensed exchanges to report on their safety measures. After studying reports, FSA stated that it is necessary to inspect 15 unlicensed cryptocurrency exchanges.

A registration system for digital currency exchanges was introduced by the government in April 2017. It is worth noting that cryptocurrency exchanges that were in operation before the revised law went into effect, but have yet to be registered, are provisionally allowed to conduct their business during the registration process. Prior to Coincheck’s hack, the exchange was also permitted to operate.

Fidelity Investments to Launch BTC & ETH Platform

New platform is designed for institutional investors
16 October 2018   189

One of the world's largest asset managers, Fidelity Investments, announced the launch of a unit focused on providing institutional investors with Bitcoin and Ethereum services. The Forbes reports.

The new division received the name Fidelity Digital Assets and, possessing a staff of 100 employees, will provide a platform for trading cryptocurrencies and consulting services 24/7.

The platform already has first customers, but its launch for a wider range of investors is scheduled for the beginning of 2019.

This is a recognition that there is institutional demand for these assets as a class. Family offices, hedge funds, other sophisticated investors are starting to think seriously about this space.

Tom Jessop

Founding head, Fidelity Digital Assets

In particular, Fidelity Digital Assets will offer a transaction service that, using internal cross-connect and order routers, will trade through third-party liquidity providers.

One of the most popular offers by the company can also be a service for storing Bitcoin and other cryptocurrencies. It is physical storage, distributed in different geographical locations and offering the so-called "cold" storage of digital assets. This way of storing cryptocurrencies without access to the Internet and with a multi-level control system is considered to be one of the safest and most resistant to hacking today.

As the CEO of Fidelity Investments, Abigail Johnson, said, the goal of the new platform is to make digital assets like Bitcoin more accessible to investors.

Fidelity Investments is considered the fifth largest asset manager in the world, offering investment and custody services to 13,000 consulting firms and brokers. In total, the company manages assets worth $ 7.2 trillion.