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TOKYO (Kyodo) — A group of digital currency exchanges in Japan says Friday they going to form a new organization with the target of establishing industry business practice standards.
The decision, agreed with all 16 exchanges which are registered with the government, including bitFlyer Inc. and GMO Coin Inc., follows a massive cryptocurrency heist from a Tokyo-based exchange earlier this year which raised questions about the safety of digital currency assets.
It going to seek to be recognized as a regulatory body under Japan’s payment services law, representatives of the exchanges said, a status which would allow it to punish rule-breakers.
Digital currency exchanges in Japan had thus far been split among 2 rival groups, with talks to form a unified industry body making little progress.
That changed after hackers stole 58 billion yen (about $543 million) worth of the cryptocurrency NEM from unregistered exchange Coincheck Inc. in January, the largest digital currency heist in history.
Japan’s digital currency exchanges to form new body | Bangkok Post: tech
(Reuters photo)TOKYO: A group of digital currency exchanges in Japan says on Friday they going to form a new organisation with the target of establishing industry-wide standards for safety and compliance.
The organisation going to seek to be recognised as a regulatory body under Japan’s payment services law, the exchanges said.
Exchanges in the country had thus far been split among 2 rival groups, with talks to form a unified industry body making little progress.
That changed after hackers stole 58 billion yen (about 17 billion baht) worth of the cryptocurrency NEM from unregistered exchange Coincheck Inc in January, the largest cryptocurrency heist in history.
By forming a unified organisation which is recognised with the government, the exchanges wish to get best business practices and easiness customers’ concerns.
BitIRA to offer fully-insured digital currency IRA – Bankless Times
BitIRA, a market leader in providing cryptocurrency options for retirement accounts, today rolled out new safety protocols which make it the only fully-insured, cold storage digital currency IRA storage solution available, firm officials believe.
In addition to Bitcoin, the company’s digital currency IRA service this time offers Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), and Ripple (XRP).
These new altcoins and safety procedures, along with the company’s customer-friendly pricing, together make BitIRA the highest solution for digital currency IRAs.
“Our new set of proprietary safety precautions were necessary to facilitate the addition of the generality in-demand altcoins within our service,” BitIRA digital currency specialist Jay Blaskey said.
Customer-friendly fee scheduleFees and charges for digital currency IRAs could add up and deter possibility investors.
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