At the UN General Assembly, Malta Prime Minister Joseph Muscat stated that blockchain technology will allow crypto to inevitably become the future of money. Continue reading Crypto is the Inevitable Future of Money
As of today, Tokyo-based Coincheck has begun distributing reparations to users impacted by the infamous late January theft of some $530 million in NEM. With an announcement on its website today, Coincheck has begun reimbursing funds – in JPY – to the account balances of users who held NEM at the time of the theft on January 26th. The refund value will be at a fixed rate of 88.549 Japanese yen, approx. $0.83 per NEM token stolen at the time. That’s over twice the current trading value of NEM’s XEM token, at just under $0.40 at press time. Continue reading Japanese Exchange Coincheck Begins JPY Refunds for NEM Hack Victims
It was a disappointing day for cryptocurrency investors, as 97 of the top 100 coins posted single-day declines. However, the NEM price (XEM) not only resisted this bearish trend — it actually managed to achieve a double-digit percentage increase against the US dollar. Continue reading NEM Price Jumps 16% as Other Top Coins Tumble
Upon completion of its first phase of inspecting cryptocurrency exchanges, Japan’s financial regulator is reportedly set to issue business suspension orders for unregistered exchanges. According to the Nikkei, Japan’s Financial Services Agency (FSA) is due to announce punitive measures that include business suspension orders for some cryptocurrency exchange operators. The country’s financial regulator has increased its scrutiny of exchanges and trading platforms following the $530 million hack of Tokyo-based exchange Coincheck in late January. One of 32 exchanges operating in the country, Coincheck is notably not among the 16 operators registered with the regulator, under new legislation. As reported at the time, the financial regulator confirmed it would conduct on-site inspections of all domestic exchanges to check their internal auditing practices, anti-money laundering measures and cybersecurity infrastructure to ensure robust security measures to safeguard customers’ assets. The regulator has now completed its first phase of inspections, the Nikkei report confirms, with the FSA set to issue ‘business suspension’ orders for an ‘unspecified’ number of exchanges.
In its ever-expanding foray into the cryptocurrency sector, Japanese financial group SBI has now invested in a Taiwan-based cryptocurrency hardware wallet developer. SBI Holdings, the financial services division of Japan’s SBI Group, has announced its 40% ownership stake in Taiwanese crypto hardware wallet maker CoolBitX. An announcement by SBI Holdings does not reveal the exact amount of the investment in CoolBittX, a hardware maker that specializes in cold wallets. With its growing portfolio of cryptocurrency-related businesses and operations, SBI Holdings revealed its intent to utilize CoolBitX’s security technology for risk management within its company in areas including the maintenance of customer assets, to further enhance security. The Japanese conglomerate makes a specific mention of CoolBitX’s ‘CoolWallet’, a hardware device used to store private keys to cryptocurrencies that interfaces with iOS and Android devices via Bluetooth. SBI Holdings, through its venture capital arm SBI Investment, became one of the world’s earliest mainstream conglomerates serving traditional finance to invest in bitcoin exchange Kraken in early 2016. The Japanese financial group followed up with another investment as lead investor in bitFlyer, Japan’s largest and best-funded cryptocurrency exchange. In late 2016, SBI announced its intention to launch its own cryptocurrency exchange win what would be the country’s first bank-backed exchange platform. Despite its registration with Japan’s financial regulator, the launch of the exchange has been postponed due to security concerns, as reported recently.