Japan to urge G20 leaders to close money laundering loopholes that exist due to weak regulation in some jurisdictions, without stifling innovation.
Five exchanges including recently-hacked Coincheck ordered to improve internal controls; two exchanges ordered to halt services.
New rules propose an approach focused on financial function rather than individual entities; and are expected bring traditional financial firms and fintech firms on level playing field.
Self regulatory organisation will create rules and set penalties for breaches of self-imposed rules.
All 32 cryptocurrency exchanges in Japan required to submit reports on security and risk management based on 43-item checklist.
Once in a while capitalism must be rescued from the excesses of bankers and central banks. Governments can’t kill ideas, but it takes them a long time for them to concede or adapt.
Funds from accounts with no activity for 10 years to be used to fund public projects from Q2 2019.
FSA orders Coincheck to improve security, implement preventative measures; will additionally inspect security mechanisms at other cryptocurrency exchanges.
Korea carries out bank inspections, China power cut on Bitcoin miners, Japan scrutinises banks' cryptocurrency activities.