The Japan crypto regulation is a hot topic in the latest cryptocurrency news, especially after the country’s Financial Services Agency (FSA) has decided to introduce new rules regarding cold wallets that would allow users to store cryptocurrencies at crypto exchanges.
As Reuters reported on April 17 citing a source familiar with the entire matter, the country’s financial regulator will reportedly require crypto exchanges to strengthen internal supervision of cold wallets – which are basically devices for storing digital currency which are not connected to the Internet.
The new Japan crypto regulation will also see the FSA addressing all of the difficulties of ensuring the security of digital currencies as well as other risks for the country since it intends to boost the fintech industry and stimulate economic growth.
Even though cold wallets are not connected to the Internet, in that manner they provide better security to global assets. Still, the FSA suggests that there could be risks of internal theft – something that was shared a lot on many best cryptocurrency news sites. As one source noted, a number of exchanges don’t actually have policies set in place where the people responsible for the storage would be regularly rotated out.
The FSA further addressed the Japan crypto regulation issue earlier this month, when it heard arguments for no longer classifying Bitcoin (BTC) as a currency. During one plenary session at the 41st General Assembly of the Financial Council and the 29th Financial Division meeting, Professor Iwashita Goto of Kyoto University argued that Bitcoin had become a currency that is beyond means of transacting mostly due to its borderless qualities which led it to appear throughout the world in its ten-year history.
Aside from this, a month ago the FSA also approved the second cryptocurrency exchange to begin operations under new regulations – and started issuing licenses to new cryptocurrency exchanges that were interested in serving the Japanese market. All of this leads to a brighter future where the Japan crypto regulation is not anymore a challenge.
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Deloitte Left Ethereum For VeChain, Made 20+ Smart Contracts Per Second
‘’We wrote more transactions than Bitcoin over the weekend by migrating our client work from Ethereum to VeChain – we managed to execute 20+ smart contract transactions per second.’’Deloitte left Ethereum a week ago after the company explained they will be moving onto VeChain. Also, BMW joined the VeChain network as well and the transaction news comes after the announcement by Jaguar Land Rover where they also announced utilizing the IOTA blockchain as a crypto solution. Many significant companies are starting to build on less-popular platforms such as VeChain, EOS, and Tron. VeChain is an enterprise-ready solution as per their description. VeChain managed to process about 396,000 transactions on Sunday compared to Bitcoin’s 359,000. As per the best cryptocurrency news sites, the total value of VeChain transactions is less than the one transferred to bitcoin. The price of VET is currently at $0.006417 with about $11.5 million in trading volume for the past 24 hours. Smart contract platforms such as Ethereum require a small amount of the token base to execute transactions. The news is interesting since only one company was able to push the transactions of VeChain ahead of Bitcoin. You can only imagine what could happen if 20 more companies did the same. It also sparks the question of providing a scaling solution for the most valuable blockchain. The limited capacity of the BTC blockchain asks the question how big of a role will scaling solutions play down the road. VeChain processed fewer transactions than Tron and EOS on Saturday since both of the blockchain process millions of transactions daily. The demand for the VET token is generated organically when large partnerships happen. Companies are then willing to demand tokens in order to conduct their daily businesses. On the other hand, VeChain is seen as an enterprise alternative for the products but it still flies under the radar given its trading activity and price.
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