Gox bankruptcy, Japan didn’t know what to make of bitcoin - or even who should be in charge. “It’s too much to say that the FSA or institutional design was lax because there was one hack,” said former information technology vice-minister Mineyuki Fukuda, previously a supporter in parliament of promoting and regulating cryptocurrencies. Japan’s Financial Services Agency declined to comment.īut proponents of its regulatory approach say the system and the hack were not connected. Interviews with a dozen government officials, lawmakers and cryptocurrency industry leaders depict a regulator that opted for relatively loose rules to help nurture an industry largely populated by start-ups. And for some experts, it raised questions over the country’s dash to regulate the industry - a sharp contrast to clampdowns by countries like South Korea and China. The Coincheck heist exposed flaws in Japan’s system. Gox’s as one of the biggest ever for digital currency. Last month, hackers stole about $530 million from the Tokyo-based exchange, a theft rivaling Mt. Under the Japanese framework, some exchanges would be allowed to operate - even though they hadn’t yet won regulatory approval.
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Japan’s national system to oversee cryptocurrency trading was the world’s first, rolled out even as policymakers elsewhere grappled with how to deal with the sector. By last April, they thought they had arrived at a set of guidelines that did just that.
Their goal was to craft rules that both protected traders and allowed a promising sector to flourish.
Gox cryptocurrency exchange was stung by a half-billion dollar theft in 2014, Japanese regulators swung into action. FILE PHOTO: Journalists are seen next to Cryptocurrency exchange Coincheck's signboard while Japan's financial regulator conducts a spot inspection on Coincheck, in Tokyo, Japan February 2, 2018.
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