Exchanging Crypto is not legal in Japan
The Financial Services Agency of Japan (FSA) has banned cryptocurrencies exchange from being licensed for the first time, the Nikkei Review reported on Tuesday (June 5th). The regulatory body has now chosen to refuse to permanently register on the Yokohama-based FSHO exchange, whose services have already been suspended twice by the Financial Services Agency this spring due to concerns that the stock exchange operator has not sufficiently verified the identity of clients in cases suspicious transactions.
The Financial Services Authority has now reported that the FSHO lacks “systems to run its business”.
The FSHO is one of only two cryptocurrency exchanges in Japan that have received two consecutive penalties from the FSA, and the other is Coincheck, whose unprecedented breakthrough with the theft of $ 532 million in January is the biggest confirmed theft of cryptocurrencies In the history of the industry.
By blocking any stock exchange whose practices are deemed unacceptable, the Financial Control Authority seems intent on cleaning up the cryptocurrency industry in Japan, following the notorious breach of coincheck.
DASH and Monroe (XMR) at the top of the excluded list
The Japanese payment services authority has requested to register all the exchanges of cryptocurrencies under the license of FSA. The first license was legally approved on the first of September. In May, the regulatory tightened its licensing requirements, focusing on compliance “Anti-money Laundering” and the concept of “know your customer”, and banning the trading of alternative currencies disguised as DASH and Monroe (XMR).
However, the country still shows exceptional adoption levels for cryptocurrencies. Where FSA data from 17 local currency exchanges found that as of the end of March 2018, there were at least 3.5 million cryptocurrency traders in the country. Figures from Cryptocompare show that the Japanese yen accounts for 59 percent of KFH’s global trading until publication.
Cryptocurrencies move very fast, technological innovations, newcomers and rapid changes have made it difficult to keep pace with this crypto world in recent years. Since investors are always looking for new and distinctive cryptocurrencies such as DASH, there is a constant focus on the latest and most important names that top the headlines.
Dash Crypto Currency update:
The cryptocurrency DASH is a decoded encrypted currency on a blockchain system from peer to peer that has spawned Bitcoin with great improvements, making transactions faster with absolute privacy. DASH is the first cryptocurrency with a Decentralized Governance by Blockchain. The DASH currency first launch was in January 2014 under the name Xcoin and then was renamed to Darkcoin. In March 2015, the currency tag was changed to Dash. It was created as a crack from the Bitcoin currency, which means that it duplicates the existing Bitcoin currency while making it with advantages and better properties than that in Bitcoin currently which are considered challenges and problems for some Bitcoin users. Dash cryptocurrency came to fix the flaws and weaknesses found in the Bitcoin. Dash as the alternative currency for Bitcoin, offers different advantages from the rest of the other currencies, speed, anonymity, privacy and absolute decentralization.
Although it is one of the most talked-about cryptocurrencies in the world, at its peak, the total market value of the currency has reached more than $ 11.6 billion, but currently stands at $ 2.5 billion and fell from 7th to 13th in global currency rankings.