Japan’s Financial Services Agency (FSA) has granted self-regulatory status to the country's cryptocurrency industry, giving the Japan Virtual Currency Exchange Association (JVCEA) authority to oversee the space, according to a Reuters report.
The FSA approval, which was granted on Wednesday, October 24, 2018, gives the association the power to regulate the sector, safeguard customer assets, give operational guidelines, elaborate on anti-money laundering policies and provide necessary compliance guidelines for crypto exchanges in the country.
Japan's largest Bitcoin and blockchain company, bitFlyer, has now received an official license to operate in the state of Illinois.
After receiving a “BitLicense” to operate as a virtual currency exchange in New York in November 2017, the Tokyo-based company has now received approval to operate in 44 states and territories.
Following one of the largest hacks in the history of cryptocurrency, Japanese cryptocurrency exchange Coincheck has announced that it will comply with an order from Japan’s Financial Services Agency to improve its business operations.
Mainstream financiers like BlackRock CEO Larry Fink may claim that bitcoin is an “index of money laundering,” but a new report from Deutsche Bank AG says that this year’s bitcoin price surge is not the product of criminal activity, it’s Mrs.
The South Korean cryptocurrency market has pushed the Ripple price up 71 percent over the past 24 hours, triggered by the Ripple blockchain-based payment trial conducted by Japanese and South Korean banks.
Tokyo-based bitFlyer has become the fourth digital currency exchange to receive approval from the New York State Department of Financial Services (NYDFS) for a “BitLicense” to operate as a virtual currency exchange in New York.
Following new cryptocurrency regulations in April, Japanese police have pointed to 170 cases of money laundering via cryptocurrencies reported by exchange operators in six months between April and October.
Japan’s National Police Agency (NPA) has compiled its first report on cryptocurrency laundering cases following revised laws in April that mandated cryptocurrency exchange operators to flag and report transactions suspected of money laundering. The regulations kicked in alongside new legislation that now sees bitcoin recognized as a legal method of payment in Japan.
Bitcoin price has surpassed $12,000 in both South Korea and Japan, two major bitcoin markets that are accountable for approximately 74 percent of global bitcoin trades.
South Korea: $12,653
In South Korea, bitcoin is being traded with a premium of over $1,270, a 12 percent premium rate.
Koji Higashi, the co-founder of IndieSquare and Japanese cryptocurrency researcher, revealed Japan, the largest bitcoin market in the world in terms of daily trading volume, has friendly and loose regulations for bitcoin businesses and investors.
But, while the Japanese government has legalized bitcoin as a currency and a legitimate payment method, other minor alternative cryptocurrencies (altcoins) are receiving the same treatment as bitcoin.
The bitcoin price has achieved a new all-time high for the second time this week at $8,668, with strong momentum led by Japan and South Korea.
Over the past few days, the two largest bitcoin markets demonstrated trades with significantly high premiums.
The head of the Japanese central bank’s payments department doesn’t see digital currencies like bitcoin replacing physical cash anytime in the near future.
Speaking at a FinTech forum in Tokyo on Wednesday, Bank of Japan (BOJ) senior official Hiromi Yamaoka revealed he doesn’t see the conventional banking industry under any immediate threat from digital currencies. Yamaoka, who heads the Japanese central bank’s payment and settlement systems department, opined physical cash is here to stay despite major disruptive gains led by financial technologies in recent years.
Tokyo-based software firm CAICA has become the latest company to enter the cryptocurrency industry with a new virtual currency subsidiary capitalized at 10 million yen.
CAICA Inc., a Tokyo-based software services firm, is known for developing software solutions for a number of financial processes including internet banking, foreign exchange and payments systems among Japanese banks. The company has now signaled its foray into the cryptocurrency space, capitalizing on the explosion in awareness and adoption of currencies like bitcoin in Japan.
Japanese IT firm Fujitsu has revealed a new payments technology that connects different blockchains to enable exchanges and payments with various cryptocurrencies.
In an announcement yesterday, Japan’s largest IT firm revealed details of ‘ConnectionChain’, described as a security technology to securely connect multiple blockchains to make them interoperable to the extent of executing trades and payments in multiple cryptocurrencies.
Trace Mayer, a prominent bitcoin investor who has funded Kraken, Bitpay, and Armory, has stated that the bitcoin price is in a healthy uptrend to initiate new rallies in the short-term.
$BTC 🚂 in healthy uptrend. 200DMA $3,511 & rising ~$30/day. 200DMA market cap ~$60B & rising ~$500m/day.
Once again, the bitcoin price has achieved a new all-time high at $7,598 on November 5, as the market continues to be optimistic about the mid-term performance of bitcoin.
Rapid Adoption in Major Regions
In Japan and South Korea, two regions in Asia that are known to have extremely conservative investors and traders, have seen an exponential increase in the demand for bitcoin from local traders.
Japan’s financial regulator has published a notice warning users of the risks associated with ICO investments.
Japan’s Financial Services Agency (FSA), the country’s financial regulator and watchdog, published a statement centered on initial coin offerings on October 27 for both users participating in ICOs and businesses offering them.
Japanese financial regulator, the Financial Services Agency (FSA), has issued a statement warning investors of the risks associated with initial coin offerings (ICOs).
In the statement released Oct. 27, the FSA stressed the "high" risk factors of digital tokens issued as a way of raising funds from for investors. The regulator aired several concerns over the blockchain use case including price volatility, with the FSA saying "The price of a token may decline or become worthless suddenly.
UK-based Wirex is entering a regional joint venture with Japanese financial group SBI that will deliver a Japanese cryptocurrency payment card.
Japan’s SBI Holdings, a major financial services group heavily invested in digital currencies and blockchain technology, is co-launching a joint venture with London-based Wirex called SBI Wirex Asia. The collaboration will see bitcoin startup Wirex make inroads into traditional markets already known to SBI while the Japanese company deepens its foray into establishing ties to the cryptocurrency and blockchain space.
Two of Japan’s leading bitcoin exchange have announced their plans for the upcoming bitcoin hard fork, scheduled to occur this week.
Tokyo-based bitFlyer, Japan’s largest and best-funded bitcoin exchange, has revealed its intention to distribute Bitcoin Gold (BTG) to users prior to the split of the bitcoin blockchain – expected to occur on October 25th. The exchange also revealed its intention to launch trading services in support of the new cryptocurrency, enabling users to sell, deposit and send BTG from their bitFlyer accounts.
Japan is a powerhouse in the cryptocurrencies market, trading about 63% of the world’s Bitcoin. However, ban of Initial Coin Offering (ICO) by some Asian countries has investors worried that Japan could follow suit.
ICOs are the new radical form of crowdfunding. Companies are raising funds in the form of cryptocurrencies through selling crypto tokens to investors. ICOs are now a go-to method for many companies as it allows investors to benefit more directly from new technologies as opposed to traditional stock.
Tokyo police have arrested the head of a Ripple exchange and trading platform for allegedly swindling an investor amid a wider investigation of a sweeping fraud.
According to multiple regional reports, Tokyo police are holding 31-year-old Yuki Takenaka, the operator and manager of Ripple Trade Japan – an exchange enabling trading of Ripple’s virtual currency XRP.
Bitcoin may have had a tough September, but it appears to be turning a corner and is demonstrating its resilience in the face of obstacles.
That’s according to Germany’s public international broadcaster. In a report from DW, experts are claiming that the digital currency may be in for a ‘sustained record run as it overcomes key obstacles.
On October 17, the vast majority of cryptocurrencies in the market including Bitcoin and Ethereum have recorded slight corrections in price, as the price of Bitcoin fell below $5,600 and Ethereum price dropped to $320.
Price Drop of Ethereum, Despite Optimism Surrounding Hard Fork
Yesterday, on October 16, Cryptocoinsnews reported that the market has responded relatively well to the Ethereum hard fork, as the price of Ether, Ethereum’s native cryptocurrency, increased to over $340.
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