Japanese Cryptocurrency Industry Group to Strict the Rules on Digital Assets Management

Japanese Cryptocurrency Industry Group to Strict the Rules on Digital Assets Management

Japan’s self-regulating body for cryptocurrency operators is going to tighten the rules on the management of customer’s assets after another hacking incident this September. JVCEA is planning to limit the number of digital currencies that a user can manage online. According to The Japan’s Times, “the ceiling is likely to be around 10 to 20 percent of customer deposits.”

Steal Stole Stolen

The recent hacker attack caused damage to Japanese exchange Zaif that belongs to  Osaka-based startup Tech Bureau Corp. Hackers stole nearly 7 billion yen worth of digital coins. The money was managed online and about 4,5 billion yen belonged to customers. Cryptocurrency exchanges keep most of customers’ assets offline for security reasons, but also some amount is online for transactions which makes them an easy target for thieves.

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