After Chinese regulatory authorities cracked down on Bitcoin trading in the country, Japan’s Financial Services Agency has announced that they will begin to closely monitor cryptocurrency exchanges.
Consequences Of China’s Ban
China’s decision to ban ICOs and Bitcoin Exchanges earlier this month resulted in the migration of many traders to Japanese and South Korean markets. This made Japan the world’s largest Bitcoin exchange market and proved the old adage ‘with great power comes great responsibility’ true. It makes sense for Japanese regulators to adopt a more cautious approach towards the world of cryptocurrencies as the country has been involved in its fair share of cryptocurrency frauds.
According to local reports, Japan had fallen victim to 33 cases of cryptocurrency fraud worth over a staggering $700,000 in the first seven months of 2017. Previously, in 2014, Mt. Gox had closed shop following 650,000 Bitcoins being stolen from customer accounts which prompted Japanese lawmakers to push for more stringent regulation of cryptocurrencies.
Japan has become the largest Bitcoin exchange market with 50.75 percent market share of the global Bitcoin exchange market.
— FPE GROUP 株式会社 (@FPE_Group_LTD) September 18, 2017
Bitcoin Exchanges Under Increased Scrutiny
Japan’s regulatory …
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