Japan Demands Exchanges to Remove Anonymous Coins
Japan’s Financial Services Agency (FSA) demands local cryptocurrency exchanges to de-list coins that are leaning towards anonymity and privacy, such as Monero, Dash, and Zcash.
Jake Adelsten, a journalist based in Tokyo, reported that FSA, an agency which has the authority to issue a license to cryptocurrency exchanges, is doing everything in its power to make local exchange and trading platforms to stop supporting coins that could render users’ transactions anonymous.
Why does FSA want to get rid of anonymity-centered coins?
FSA explains that this cryptocurrency is more difficult to track than Bitcoin. In some cases, it is still possible to track down the transaction, but it usually happens due to human error or other faults. Also, these cryptocurrencies have become linked too closely with criminal activities.
As an example, Monero, a coin that focuses on privacy and decentralization, is frequently associated with crypto attacks, such as cryptojacking, when hackers infect computers with malware that uses CPU power to mine cryptocurrency.
A member of a cryptocurrency working group sponsored by the FSA said this during a meeting on April 10:
“It should be seriously discussed as to whether any registered cryptocurrency exchange should be allowed to use such currencies”.
Currently, there are no prohibitions on trading anonymous cryptocurrencies. Nonetheless, the FSA’s attempts to push anonymous coins out of trading platforms are having some effect.
Coincheck, one of the largest cryptocurrency exchanges which experienced a $530 million hack, has actually de-listed Monero and two other, less popular coins that are designed to be anonymous. One of the reasons could be that Coincheck doesn’t want anything to do with FSA before getting the license to operate in Japan.
According to CCN, cryptocurrency exchanges that have a license to operate in Japan have formed a self-regulatory body that will have authority over its member. Also, the organization will be able to decide on a whitelist of cryptocurrencies that will be allowed to be listed on exchanges. This would give FSA an easy access to ask trading platforms to de-list coins that do not comply with exchange regulations.
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Good luck in removing privacy coins...lol
Well, you can remove them from certain exchanges.
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