The Financial Action Task Force (FATF), the international group that combats money laundering and terrorism financing, will start developing binding rules for crypto exchanges in June, a Japanese official familiar with the matter told Reuters June 12. The new rules would be an upgrade to the non-binding resolutions which were adopted by the FATF in June 2015. The FAFT will consider whether existing guidelines on anti-money laundering (AML) measures and reporting suspicious trading activity are still appropriate, and if they can be applied to new exchanges. The intergovernmental organization will also reportedly investigate how to work with countries who have …

Japanese police are investigating a case of cryptojacking that involves Monero-mining software Coinhive, sources familiar with the matter told local news outlet Mainichi June 12. Investigators suspect that the alleged culprits are in violation of the law banning the use of computer viruses. According to the sources, the suspects involved in the case set up websites that installed the Coinhive crypto mining software on visitors’ computers without their consent or “clear notices about mining.” So far, Japanese police have investigated three individuals, including a web designer, one of whom was ordered by the Yokohama Summary Court to pay 100,000 yen …

Crypto exchange Binance announced plans to allow fiat-crypto trading this year through a separate Malta-based exchange, a Binance representative told Cointelegraph today, June 11. Binance is currently the second largest cryptocurrency exchange by 24-hour trading volume, seeing about $1.5 bln in trades on the day to press time. While Bloomberg reported today that Binance will “soon allow customers to convert digital tokens into fiat currencies”, a Binance representative clarified to Cointelegraph that “Binance.com is a pure crypto-to-crypto exchange.” They confirmed that crypto-fiat trading will only be offered through a separate local exchange the company is opening in Malta. Binance Malta …

Japan’s Financial Services Agency (FSA) has barred a crypto exchange from receiving an operating license for the first time, Nikkei Asian Review reports Tuesday, June 5. The regulator has now chosen to permanently deny registration to Yokohama-based FSHO, whose services were already suspended twice by the FSA this spring, over concerns the exchange operator did not sufficiently verify the identity of customers in cases of suspect transactions. The FSA has now reportedly concluded that FSHO lacks “the necessary systems to operate its business.” FSHO is one of only two crypto exchanges in Japan to have received two consecutive punishment notices …

Japanese IT giant Fujitsu has launched a blockchain-based reward points system aimed at innovating retail, according to a press release published today, June 6th. The blockchain-based data storage system tokenizes traditional retail promotional strategies such as coupons and loyalty points, which the company claims will revitalize local economies by increasing consumers’ “willingness to buy,” as well as improving data analysis methods in retail industries. As Fujitsu outlines: “With this service, users can collect digital points or stamps by reading QR codes located in specific areas with smart devices, and then exchange them for coupons and other benefits that can be …

After banning Japanese residents from trading on its platform over “compliance” issues, cryptocurrency exchange HitBTC said it plans to reopen trading in Japan via a “registered entity,” Cointelegraph Japan reported June 4. In a blog post, the world’s eighth-largest exchange by volume - according to Coinmarketcap data - outlined its plan of action after users received letters warning them that the exchange would freeze Japan-linked accounts over “compliance” issues. “The company has been in consultation with the regulator and decided to suspend its operations for Japanese residents to comply with current regulation,” the post reads. “The measure has been taken …

Major US crypto wallet provider and exchange service Coinbase has revealed its plans to enter the Japanese crypto market, Cointelegraph Japan reported Monday, June 4. Coinbase intends to apply for a license with the country’s financial regulator, the Financial Services Agency (FSA), “within the year,” a process that has been mandatory for all crypto exchanges operating within the country since the amendment of Japan’s Payment Services Act in April 2017. The US company is said to be working together with Mitsubishi UFJ Financial Group (MUFG) on its expansion to the Japanese market. According to CT Japan, MUFG has invested over …

Japan`s financial services giant SBI Holdings has announced that its in-house crypto exchange has now gone live, Cointelegraph Japan reports Monday, June 4. Called ‘VCTRADE,’ the service is now open for the ~20,000 users who pre-registered with the platform in October 2017, with plans to open ordinary account applications in July 2018. Ripple (XRP) is currently the only supported digital currency, though SBI states it will soon support Bitcoin (BTC) and Bitcoin Cash (BCH) as well. As Cointelegraph Japan reported, the new trading platform will adopt NASDAQ’s transaction system (matching system). Transaction fees will reportedly be zero, although withdrawals will …

Japan’s Financial Services Agency (FSA) has issued business improvement orders to multiple domestic crypto exchanges, Cointelegraph Japan reports today, June 1st. One of FSA’ main concerns is the exchanges’ compliance with anti-money-laundering (AML) requirements. The agency’s inspections revealed that several of the crypto exchanges under its aegis are failing to apply sufficient Know-Your-Customer (KYC) checks to confirm the identity of their users and prevent ‘bad actors’ from trading. The regulator has also raised concerns about cases where it claims that customers’ assets are not being adequately separated from those of the exchange. The regulator’s new orders have been issued to …

Japanese crypto exchange BitTrade has been acquired for S$67 mln ($50 mln) by a Singaporean multi-millionaire and entrepreneur, Asia One reported yesterday, May 30. The acquisition will see Mr. Eric Cheng take a 100 percent stake in BitTrade Co., Ltd, one of only 16 domestic crypto exchanges to receive a license from Japan’s financial watchdog, the Financial Services Agency (FSA). Cheng is also acquiring BitTrade’s affiliate company, FX Trade Financial Co., Ltd, one of Japan's leading forex trading platforms. As Asia One notes, the investment makes Cheng the first foreign investor to hold a 100 percent stake in an FSA-licensed …

Japanese internet services giant GMO Internet Inc. announced it would debut its Bitcoin-based application for in-game rewards in August, Cointelegraph Japan reports May 31. The application, called CryptoChips, acts as a method of rewarding players for achieving certain goals, and will initially launch solely with Bitcoin support. CryptoChips will reportedly first be implemented in GMO-developed real-time battle game Whimsical War. “GMO Internet [...] has developed ‘CryptoChips by GMO’ that enables distribution of cryptocurrency as remuneration within the game application, and will offer it through a group company starting in August 2018,” an accompanying press release in English and Japanese confirms, …

Money Forward Inc., the operator of one of Japan’s most popular personal budgeting apps, has announced its plans to launch a crypto asset exchange this year, in a company press release Wednesday, May 23. A new subsidiary, MF Financial Co., Ltd., that launched today will be devoted to the company’s new crypto exchange project, and will be headed by a member of Money Forward’s Blockchain and Virtual Currency Laboratory. The press release outlines MF’s plans to first launch a crypto media platform by summer 2018, followed by a crypto asset exchange and the construction of a digital assets remittance and …