Japan’s Financial Services Agency has granted self-regulatory status to the country's cryptocurrency industry, giving the Japan Virtual Currency Exchange Association (JVCEA) authority to oversee the space.
According to Japanese authorities, during the first six months of 2018, cyber thieves made off with a startling $540 million (60.503 billion yen) in cryptocurrency in Japan.
The hacker siphoned off 4.5 billion yen from user accounts and 2.2 billion yen from the company’s own assets. The three virtual currencies stolen include bitcoin, monacoin and bitcoin cash.
Huobi Japan Holding Ltd. has acquired a majority stake in Japanese cryptocurrency exchange BitTrade, marking the top-three exchange’s formal entry into the Japanese market.
By giving clarity to an industry that has long operated with little or no oversight, Japan is setting the stage for a future when cryptocurrencies will play a larger role.
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