Japan: Do Criminals Prefer Cryptocurrencies or Fiat for Money Laundering? 669 Cases vs 347,000

Source : Japan: Do Criminals Prefer Cryptocurrencies or Fiat for Money Laundering? 669 Cases vs 347,000 Japan’s National Police Agency said today that they received reports on 669 cases of suspected money laundering linked to cryptocurrencies from exchange operators between April and December of last year; This is just a tiny fraction of the total, as 347,000 money laundering cases were reported by traditional banks in the same time frame. The data came after cryptocurrency exchange operators were ordered to report transactions suspected of involving money laundering following a revision last April to a law that intends to prevent the transfer of criminal proceeds. Of the 669 cases, it is likely that many involved “questionable transactions repeated frequently in a short span of time,” Nikkei reports. And it’s worth considering that these crackdowns are not necessarily a bad thing: Punishment that comes as a result of these charges could result in removing bad actors in the crypto-space.Currently, in Japan, 16 cryptocurrency exchange operators are registered based on the revised law on payment services. Ensuring security measures has been a challenge in the industry. Just last month, Coincheck — which was waiting for government approval of its registration — failed to protect its users from the theft of around $540 million worth of NEM digital currency.The Numbers The proportion of suspected money laundering cases involving cryptocurrency in Japan — 669 — is a fraction of the fiat total for 2017. The large majority of cases came from banks and other financial institutions, totaling 346,595 cases, followed by credit card companies at 15,448 cases, and credit unions at 13,259 cases.The figures are promising in the battle against international governments who claims that money laundering is a key sector to be targeted by increased regulations. This news comes as Japanese Finance Minister Taro Aso is speaking on the inspections taking place within the exchanges, as the government continues to look for weaknesses in the system and attempt to determine the viability of blockchain technology going forward. According to Aso, inspections are mainly used to determine the internal management structure of organizations and are taking place “impartially,” as Japanese officials are trying to not impede the growth of the sector.There have also been self-regulation talks within the crypto-space: It was reported just over a week ago that Japan’s two cryptocurrency industry groups are working together to form a self-regulating body. The Japan Blockchain Association and the Japan Cryptocurrency Business Association are expected to merge as early as April, with the intention of implementing further safeguards to protect traders and investors.

Japan: Do Criminals Prefer Cryptocurrencies or Fiat for Money Laundering? 669 Cases vs 347,000

Source : Japan: Do Criminals Prefer Cryptocurrencies or Fiat for Money Laundering? 669 Cases vs 347,000 Japan’s National Police Agency said today that they received reports on 669 cases of suspected money laundering linked to cryptocurrencies from exchange operators between April and December of last year; This is just a tiny fraction of the total, as 347,000 money laundering cases were reported by traditional banks in the same time frame. The data came after cryptocurrency exchange operators were ordered to report transactions suspected of involving money laundering following a revision last April to a law that intends to prevent the transfer of criminal proceeds. Of the 669 cases, it is likely that many involved “questionable transactions repeated frequently in a short span of time,” Nikkei reports. And it’s worth considering that these crackdowns are not necessarily a bad thing: Punishment that comes as a result of these charges could result in removing bad actors in the crypto-space.Currently, in Japan, 16 cryptocurrency exchange operators are registered based on the revised law on payment services. Ensuring security measures has been a challenge in the industry. Just last month, Coincheck — which was waiting for government approval of its registration — failed to protect its users from the theft of around $540 million worth of NEM digital currency.The Numbers The proportion of suspected money laundering cases involving cryptocurrency in Japan — 669 — is a fraction of the fiat total for 2017. The large majority of cases came from banks and other financial institutions, totaling 346,595 cases, followed by credit card companies at 15,448 cases, and credit unions at 13,259 cases.The figures are promising in the battle against international governments who claims that money laundering is a key sector to be targeted by increased regulations. This news comes as Japanese Finance Minister Taro Aso is speaking on the inspections taking place within the exchanges, as the government continues to look for weaknesses in the system and attempt to determine the viability of blockchain technology going forward. According to Aso, inspections are mainly used to determine the internal management structure of organizations and are taking place “impartially,” as Japanese officials are trying to not impede the growth of the sector.There have also been self-regulation talks within the crypto-space: It was reported just over a week ago that Japan’s two cryptocurrency industry groups are working together to form a self-regulating body. The Japan Blockchain Association and the Japan Cryptocurrency Business Association are expected to merge as early as April, with the intention of implementing further safeguards to protect traders and investors.

Japan: Do Criminals Prefer Cryptocurrencies or Fiat for Money Laundering? 669 Cases vs 347,000

Source : Japan: Do Criminals Prefer Cryptocurrencies or Fiat for Money Laundering? 669 Cases vs 347,000 Japan’s National Police Agency said today that they received reports on 669 cases of suspected money laundering linked to cryptocurrencies from exchange operators between April and December of last year; This is just a tiny fraction of the total, as 347,000 money laundering cases were reported by traditional banks in the same time frame. The data came after cryptocurrency exchange operators were ordered to report transactions suspected of involving money laundering following a revision last April to a law that intends to prevent the transfer of criminal proceeds.  Of the 669 cases, it is likely that many involved “questionable transactions repeated frequently in a short span of time,” Nikkei reports. And it’s worth considering that these crackdowns are not necessarily a bad thing: Punishment that comes as a result of these charges could result in removing bad actors in the crypto-space. Currently, in Japan, 16 cryptocurrency exchange operators are registered based on the revised law on payment services. Ensuring security measures has been a challenge in the industry. Just last month, Coincheck — which was waiting for government approval of its registration — failed to protect its users from the theft of around $540 million worth of NEM digital currency. The Numbers The proportion of suspected money laundering cases involving cryptocurrency in Japan — 669 — is a fraction of the fiat total for 2017. The large majority of cases came from banks and other financial institutions, totaling 346,595 cases, followed by credit card companies at 15,448 cases, and credit unions at 13,259 cases. The figures are promising in the battle against international governments who claims that money laundering is a key sector to be targeted by increased regulations. This news comes as Japanese Finance Minister Taro Aso is speaking on the inspections taking place within the exchanges, as the government continues to look for weaknesses in the system and attempt to determine the viability of blockchain technology going forward. According to Aso, inspections are mainly used to determine the internal management structure of organizations and are taking place “impartially,” as Japanese officials are trying to not impede the growth of the sector. There have also been self-regulation talks within the crypto-space: It was reported just over a week ago that Japan’s two cryptocurrency industry groups are working together to form a self-regulating body. The Japan Blockchain Association and the Japan Cryptocurrency Business Association are expected to merge as early as April, with the intention of implementing further safeguards to protect traders and investors. The post Japan: Do Criminals Prefer Cryptocurrencies or Fiat for Money Laundering? 669 Cases vs 347,000 appeared first on NewsBTC.

Japan: Do Criminals Prefer Cryptocurrencies or Fiat for Money Laundering? 669 Cases vs 347,000

Source : Japan: Do Criminals Prefer Cryptocurrencies or Fiat for Money Laundering? 669 Cases vs 347,000 Japan’s National Police Agency said today that they received reports on 669 cases of suspected money laundering linked to cryptocurrencies from exchange operators between April and December of last year; This is just a tiny fraction of the total, as 347,000 money laundering cases were reported by traditional banks in the same time frame. The data came after cryptocurrency exchange operators were ordered to report transactions suspected of involving money laundering following a revision last April to a law that intends to prevent the transfer of criminal proceeds.  Of the 669 cases, it is likely that many involved “questionable transactions repeated frequently in a short span of time,” Nikkei reports. And it’s worth considering that these crackdowns are not necessarily a bad thing: Punishment that comes as a result of these charges could result in removing bad actors in the crypto-space. Currently, in Japan, 16 cryptocurrency exchange operators are registered based on the revised law on payment services. Ensuring security measures has been a challenge in the industry. Just last month, Coincheck — which was waiting for government approval of its registration — failed to protect its users from the theft of around $540 million worth of NEM digital currency. The Numbers The proportion of suspected money laundering cases involving cryptocurrency in Japan — 669 — is a fraction of the fiat total for 2017. The large majority of cases came from banks and other financial institutions, totaling 346,595 cases, followed by credit card companies at 15,448 cases, and credit unions at 13,259 cases. The figures are promising in the battle against international governments who claims that money laundering is a key sector to be targeted by increased regulations. This news comes as Japanese Finance Minister Taro Aso is speaking on the inspections taking place within the exchanges, as the government continues to look for weaknesses in the system and attempt to determine the viability of blockchain technology going forward. According to Aso, inspections are mainly used to determine the internal management structure of organizations and are taking place “impartially,” as Japanese officials are trying to not impede the growth of the sector. There have also been self-regulation talks within the crypto-space: It was reported just over a week ago that Japan’s two cryptocurrency industry groups are working together to form a self-regulating body. The Japan Blockchain Association and the Japan Cryptocurrency Business Association are expected to merge as early as April, with the intention of implementing further safeguards to protect traders and investors. The post Japan: Do Criminals Prefer Cryptocurrencies or Fiat for Money Laundering? 669 Cases vs 347,000 appeared first on NewsBTC.

OMG!! Exchange Priced Coins at $0 due to a bug, Giving free Cryptocurrency to Traders

Source : OMG!! Exchange Priced Coins at {$permalink} due to a bug, Giving free Cryptocurrency to Traders    Zaif, a Japanese cryptocurrency exchange gave away free digital currencies due to a bug. Around seven people bought the free digital currency, but six of the transactions got declined.   Most of the exchanges in Japan are registered with the government and Zaif is one of them. The exchanges are considering to create a self-regulating body. Japanese cryptocurrency exchange gave away few cryptocurrencies for free due to some technical fault. This has raised security concerns of such trading platforms. The price calculation system of Zaif, run by Tech Bureau Corp and is registered by the government underwent some error which led seven users to buy few digital currencies for zero yen. The exchange did not disclose which currencies were bought by the people. A spokesperson told Reuters that six of the seven transactions has been declined and the seventh customer who tried to transfer the bitcoins from the exchange has been contacted by Zaif to amend the issue. Zaif wrote a blog on 20th February and got the public awareness about the issue they found on the 16th February. They expressed their regret and gave assurance that there will not be any impact on the customers. As per Reuters the parent company faced checks last month due to the regulators fear of cyberattack. Zaif is one out of 16 exchanges that are registered with the government. Over $500 million of cryptocurrency was stolen last month from another Japanese exchange called Coincheck. Countries like China and South Korea are very stern when it comes to cryptocurrency while Japan has been very open. Bitcoin has been allowed to used by merchants as a mode of payment by Japan. Japan is now considering to frame few laws around the exchanges. But the exchanges that have been registered with the government would be creating a self-regulating body which will be administered by the Financial Service Association of Japan reported Reuters. The post OMG!! Exchange Priced Coins at $0 due to a bug, Giving free Cryptocurrency to Traders appeared first on ZyCrypto.

Should You Be Worried About the Coincheck Hack?

Source : Should You Be Worried About the Coincheck Hack? Should You Be Worried About the Coincheck Hack? In recent years, cryptocurrency has become an increasingly popular payment method, offering users anonymity, clarity and convenience. Some of the industries accepting cryptocurrencies, like Bitcoin, for example, include software companies and online casinos such as mobilecasino.co.nz – even political campaigns have been funded by them! However, if… The post Should You Be Worried About the Coincheck Hack? appeared first on Altcoin Today.

NEM Value Continues to Tank as Market Sentiment Sours

Source : NEM Value Continues to Tank as Market Sentiment Sours It appears issues is not going to be all that optimistic for many cryptocurrency markets as of proper now. The entire main markets are nonetheless down by fairly a margin, despite the fact that a few of them endure even greater losses than the remainder. One of many greatest “dippers” within the high 15 is none aside from NEM. This altcoin seemingly continues to battle ever for the reason that Coincheck hack and theft. NEM Value Woes usually are not Over Simply but It has not been an important begin of 2018 for the NEM worth up to now. In actual fact, it has been fairly problematic for this explicit altcoin, and it appears issues is not going to essentially enhance within the close to future both. Ever for the reason that new 12 months started, the NEM worth has misplaced over 75% of its worth in fast succession. Whereas that’s not essentially stunning given the general market sentiment, one has to acknowledge issues may have gone otherwise as nicely. As of proper now, the NEM worth is caught at $zero.43 and future losses are on the horizon as of proper now. With all cryptocurrency markets shedding a minimum of 7.5% in worth over the previous 24 hours, it’s only regular the NEM worth follows this downward pattern. Sadly, that additionally means this attacking suffers from a serious 13.13% setback previously 24 hours, and that scenario is not going to enhance anytime quickly both. NEM isn’t shedding worth simply because the Bitcoin worth is tanking proper now both. Extra particularly, the NEM worth additionally misplaced 6.01% in worth as a result of NEM/BTC ratio lowering. If altcoins don’t achieve getting up their worth over Bitcoin when the world’s main cryptocurrency is shedding worth, it’s only regular issues will take a flip for the more severe in fast succession. For now, it appears the NEM worth will break by any help at $zero.40 in fast succession, though issues can at all times prove otherwise. With $31.38m in 24-hour buying and selling quantity for NEM, it has develop into evident this altcoin isn’t in excessive demand as of proper now. This quantity is quite a bit decrease in comparison with what most individuals may anticipate, however since NEM is especially large in Japan, the current Zaif incident might have spooked the markets a bit as soon as once more. Add to that the current Coincheck hack, and it’s evident issues are wanting relatively shaky proper now. Talking of the NEM buying and selling quantity, Upbit is the most important alternate as of proper now with $eight.09m in quantity. Zaif is second on the record with $7.31m, adopted by Bittrex’s $three.766m. None of those numbers is precisely spectacular, but there are nonetheless two fiat foreign money pairs within the high three as of proper now. So long as contemporary cash retains pouring in at no matter fee potential, issues might look good …

Plus…NEM Value Continues to Tank as Market Sentiment Sours

NEM Value Continues to Tank as Market Sentiment Sours

Source : NEM Value Continues to Tank as Market Sentiment Sours It appears issues is not going to be all that optimistic for many cryptocurrency markets as of proper now. The entire main markets are nonetheless down by fairly a margin, despite the fact that a few of them endure even greater losses than the remainder. One of many greatest “dippers” within the high 15 is none aside from NEM. This altcoin seemingly continues to battle ever for the reason that Coincheck hack and theft. NEM Value Woes usually are not Over Simply but It has not been an important begin of 2018 for the NEM worth up to now. In actual fact, it has been fairly problematic for this explicit altcoin, and it appears issues is not going to essentially enhance within the close to future both. Ever for the reason that new 12 months started, the NEM worth has misplaced over 75% of its worth in fast succession. Whereas that’s not essentially stunning given the general market sentiment, one has to acknowledge issues may have gone otherwise as nicely. As of proper now, the NEM worth is caught at $zero.43 and future losses are on the horizon as of proper now. With all cryptocurrency markets shedding a minimum of 7.5% in worth over the previous 24 hours, it’s only regular the NEM worth follows this downward pattern. Sadly, that additionally means this attacking suffers from a serious 13.13% setback previously 24 hours, and that scenario is not going to enhance anytime quickly both. NEM isn’t shedding worth simply because the Bitcoin worth is tanking proper now both. Extra particularly, the NEM worth additionally misplaced 6.01% in worth as a result of NEM/BTC ratio lowering. If altcoins don’t achieve getting up their worth over Bitcoin when the world’s main cryptocurrency is shedding worth, it’s only regular issues will take a flip for the more severe in fast succession. For now, it appears the NEM worth will break by any help at $zero.40 in fast succession, though issues can at all times prove otherwise. With $31.38m in 24-hour buying and selling quantity for NEM, it has develop into evident this altcoin isn’t in excessive demand as of proper now. This quantity is quite a bit decrease in comparison with what most individuals may anticipate, however since NEM is especially large in Japan, the current Zaif incident might have spooked the markets a bit as soon as once more. Add to that the current Coincheck hack, and it’s evident issues are wanting relatively shaky proper now. Talking of the NEM buying and selling quantity, Upbit is the most important alternate as of proper now with $eight.09m in quantity. Zaif is second on the record with $7.31m, adopted by Bittrex’s $three.766m. None of those numbers is precisely spectacular, but there are nonetheless two fiat foreign money pairs within the high three as of proper now. So long as contemporary cash retains pouring in at no matter fee potential, issues might look good …

Plus…NEM Value Continues to Tank as Market Sentiment Sours

Japan’s Exchanges Report 669 Cases of Suspected Crypto Money Laundering

Source : Japan’s Exchanges Report 669 Cases of Suspected Crypto Money Laundering Japan’s police agency has said it received 669 reports of suspected money laundering from domestic cryptocurrency exchanges over eight months of 2017. According to Japan’s Nikkei Asia Review, the country’s National Police Agency (NPA) released a report on Thursday indicating the cases were reported from April to December of that year. As reported by CoinDesk, Japan passed a law in April of last year that recognizes bitcoin as legal payment method and requires cryptocurrency exchanges to be licensed. The obligatory reporting of transactions suspected to be part of money laundering and drug trafficking was also made part of the legislation in an effort to crack down on use of cryptocurrency as a medium to facilitate illegal financial activities. While the NPA has not revealed the exact criteria used by exchanges to filter suspicious transactions, the data comes as part of a wider effort by Japan’s regulators in probing cryptocurrency exchanges following the heist of over $500 million-worth of NEM tokens from Coincheck in late January. Japan currently still has 16 cryptocurrency exchanges, including Coincheck, that are yet to be fully approved by the country’s financial watchdog. Japan’s Finance Ministry said last week that it has ordered the agency to conduct on-site inspection over these unlicensed platforms. Japanese policeman image via Shutterstock The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at news@coindesk.com.

White Hat Hackers Join Tracking Efforts for Stolen Coincheck Funds

Source : White Hat Hackers Join Tracking Efforts for Stolen Coincheck Funds ‘White hat’ hackers are teaming up to add their expertise in the ongoing search for the stolen $530 million worth of NEM from crypto exchange Coincheck. Last month, Tokyo-based Coincheck became the victim of hackers after they were able to steal millions of dollars’ worth in cryptocurrency, making it the biggest theft of its kind. Yet, while the identities of those behind the hack are not known, white hat hackers are playing an important role in tracking the funds. As a result, a growing number of computer whiz kids are joining efforts to track the funds activities, reports the Nikkei Asian Review. For many, such as Shota Hamabe, a 34-year-old programmer for an information technology company, it is these types of situations that paint a bad picture of the industry. Hamabe, who is tracking the stolen NEM, said: The incident has created a negative image of virtual currencies, but I believe they can make a huge difference in the way we transmit data and handle business. According to the report, those involved in the Coincheck hack have sent NEM to over 400 accounts. This is reportedly an attempt to complicate tracking efforts. Around nine billion yen worth of NEM is believed to have been exchanged for cryptocurrencies such as bitcoin through the dark web. Notably, NEM has a unique feature attached to it that is enabling ethical hackers to track the stolen funds. A sender of NEM can attach markers, known as mosaics, to a receiver’s account. This is something that bitcoin doesn’t have. The white hat hackers are simply sending small amounts of NEM in order to mark accounts where stolen funds have moved. They are then able to track whenever NEM has been transferred from the marked account to another account. However, while this is making it possible to track the stolen currency it doesn’t inform those following the money who owns the third account. Following the hack, Japan’s Financial Services Agency (FSA) has called for all digital currency exchanges to be inspected to ensure they have the right protocols in place for consumer protection. It was deemed by Taro Aso, the Financial Services Minister, that the 15 exchanges waiting for certification would require further onsite inspections. Earlier this week it was reported that Japanese crypto exchange Zaif, a government-registered exchange run by Osaka-based Tech Bureau Corp, had suffered a system glitch. Consequently, over a 20-minute period seven traders were able to purchase bitcoin for free; however, none were able to profit from it. Featured image from Shutterstock. The post White Hat Hackers Join Tracking Efforts for Stolen Coincheck Funds appeared first on Bitcoin Network, News, Charts, Guides & Analysis.

Do NOT follow this link or you will be banned from the site!