Japan Virtual Currency Exchange Association about to step up crypto asset management

Posted 01 October, 2018

The Japan Virtual Currency Exchange Association is said to tighten clients' assets management.

According to the rumours, the self-regulated crypto organization is considering stricter requirements for digital assets and plans to limit the number of cryptos that an exchange and store.

Trading platforms generally keep most of the assets offline in so-called cold wallets, but the remaining amount remains subject to possible hacks being kept internet-connected storages. As a result, the authority is rumoured to set limits at 10-20% from clients' deposits. For now, JVCEA is working on new rules and guidelines, with the final edition to be submitted for the approval to the Japanese Securities Agency.

It is possible that the association has decided to take such measures amid the recent hack of Japan-based Zaif platform. For reference, the exchange lost some $60 million in total. The Financial Services Agency launched an investigation into this matter, striving to determine whether the company is capable of refunding the losses.

For reference, in July, JVCEA proposed to limit trading amount for certain users. Moreover, it also intended to limit marginal trading loans.

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