Japanese Technology Conglomerate GMO to Unveil Yen-Pegged Crypto Stablecoin

Zaif CryptocurrencyJapanese internet giant GMO Internet has announced that it will launch a stablecoin pegged to the yen next year. According to the founder and president of GMO Internet, Masatoshi Kumagaii, the stablecoin which will be known as GMO Japanese Yen (GJY) will be issued in Asia. It is expected that the assets backing the stablecoin

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Coinbase: Japan’s Crackdown on Cryptocurrency ‘Good for Us’

Coinbase app cryptocurrency exchangeCryptocurrency exchange giant Coinbase isn’t concerned that Japan’s Financial Services Agency (FSA) has begun to view the crypto trading industry with a more cautious eye in the wake of several high profile exchange hacks on the regulatory agency’s watch in 2018. Speaking with the Nikkei Asian Review, Mike Lempres, Coinbase’s chief policy officer, said that

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Zaif Delays Customer Compensation Plan after $60 Million Crypto Theft

Tech Bureau, operator of Japanese cryptocurrency exchange Zaif, is yet to reveal a compensation strategy for customers who suffered losses from an infamous $60 million theft three weeks ago. Osaka-based Tech Bureau has already halted new user registrations to focus on reimbursing customers who collectively lost ¥4.5 billion ($40 million) from the ¥6.7 billion ($60

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Hacked Bitcoin Exchange Zaif Discontinues New Registrations

Tech Bureau Inc., the owner of Zaif exchange, decided to suspend new account registrations at their trading platform temporarily. The decision came on September 28, 14 days after a hacking incident took place at Zaif and caused the crypto exchange more than $60 million worth of damages. Tech Bureau said in its press statement that

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TechCrunch Founder Outraged at US SEC, Will Crypto Firms Also Pivot to Asia?

The US Securities and Exchange Commission (SEC) has been heavily criticized for its actions against Elon Musk’s Tesla, the crypto market and investment firms within the local market. On Sept. 29, Michael Arrington, the co-founder of TechCrunch, announced that his venture capital firm has decided to move out of the US and relocate to Asia

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Too Late: India’s Lack of Regulation is Hurting Cryptocurrency Exchanges

Earlier this month, CCN reported that the Securities and Exchange Board of India (SEBI) sent government officials to Japan and Switzerland to better understand Bitcoin and crypto-related regulations prior to a supreme court hearing on a crypto trading ban imposed by the country’s central bank. At the time, many investors in India were optimistic towards

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Japan Gov’t Outraged by $60m Crypto Hack of Zaif, Regrets Lack of Suspension

Earlier this month, major Japanese crypto exchange Zaif was hacked, losing $60 million worth of crypto in user funds. The Financial Services Agency (FSA), the main financial watchdog of Japan, has stated that it regrets allowing Zaif to continue its operation after the exchange was given two warnings to drastically improve its system. “It is

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$230 Million: Mt. Gox Trustee Confirms Past Bitcoin Sell-Off

Bitcoin investors who have dutifully monitored cryptocurrency wallets associated with defunct bitcoin exchange Mt. Gox for early warnings of a possible sell-off have been proven justified in their paranoia. Mt. Gox Trustee Confirms $230 Million Bitcoin Sale According to a document published on the Mt. Gox website, Nobuaki Kobayashi, the exchange operator’s trustee, sold approximately

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‘Business Improvement Order’: Japan Slaps Crypto Exchange Operator after $60 Million Theft

Japanese financial authorities are ramping up their scrutiny into the domestic crypto exchange sector after last week’s ¥6.7 billion ($60 million) hack of Tech Bureau’s exchange Zaif. In an announcement today, Japan’s Ministry of Finance struck Osaka-based Tech Bureau, operator of the licensed cryptocurrency exchange Zaif, with “administrative penalties” wherein the latter sees a number

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How the Recent $60 Million Crypto Hacking Attack Will Impact Japanese Market

Zaif, a major crypto exchange in Japan, was hacked this week, losing nearly $60 million in user funds in a high profile security breach. Local publications including Japan Times reported that 6.7 billion yen was stolen by an unknown group of hackers, 2.2 billion yen in corporate funds and 4.5 billion yen in user funds

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