Privacy Coins Zcash, Monero And Dash Face Difficulties In Japan

The Japanese financial regulators are currently playing hard-ball when it comes to regulating some cryptocurrencies – and the privacy coins Zcash, Monero and Dash are apparently some of them.
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It all started when the Tokyo-based cryptocurrency exchange CoinCheck cited regulatory pressure in 2018 when it delisted several anonymous cryptocurrencies after one of the largest heists in the cryptonews, when $500 million of another cryptocurrency was stolen and the pressure is still not letting up.

While the delisted cryptocurrencies including the privacy coins Zcash, Monero and Dash obscure identities, none of them were directly involved in the heist. Instead, we could see a report from Chainalysis that month which implied that Zcash was being used for illicit purposes and comments online that the stolen funds could be only laundered with the privacy coins led to a climate ripe for action.

After the delisting of the CoinCheck exchange in May 2018, a number of other Japanese financial regulators and South Korean exchanges followed suit. Now, we can see a report form the Rand Corporation that shows how the vast majority of illicit cryptocurrency transactions were conducted with Bitcoin, Japan’s state-run regulator, the Financial Services Agency is leaving very little wiggle room for exchanges in the country.

Therefore, the altcoin news now show that privacy coins Zcash, Monero and Dash are not the most wanted ones in the country. As one representative of the FSA told Forbes recently:

“In light of user protection and public interest, and risks such as terrorist financing and money laundering, the FSA expects prudent consideration of appropriateness of crypto-assets and which crypto-assets exchanges business operators deal with. And we assume that each operator operates based on that.”

One possible interpretation of this response, as Forbes elaborates, is that the concerns might be less about the cryptocurrency itself than the compliance of exchanges with know-your-customer (KYC) and anti-money laundering protections.

All in all, the Japan Virtual Currency Exchange Association (JVCEA) was less daunting than the FCA, but is still very cautious. The agency added:

“JVCEA will examine characteristics of coins and member companies’ internal control in listing and dealing with coins.”

For now, the privacy coins Monero, Zcash and Dash are being used more and more and altcoin investors are very much attracted to them.