#Coincheck mona registration

The FSA does not allow the registration of Coincheck because they have determined that the company's monitoring and reporting readiness as they pertain to money laundering are insufficient.

The FSA can, however, refuse to allow the registration of an exchange which deals in highly anonymous cryptocurrencies. In other words, the Financial Services Agency (FSA) has no authority to prohibit the use of Dash. 'Legally, a 'notification' is all that is needed to add a virtual currency to the list of 'traded currencies.' The Financial Services Agency does perform an inspection to determine whether or not the currency fits the definition of a 'virtual currency,' but they cannot make judgments as to whether or not it is valid to list on the public market.' The lawyer Satoshi Mihira made the following Tweet. There are no laws in Japan which regulate only highly anonymous cryptocurrencies. That is all I have to report on the current situation in Japan. I wrote that it is absurd that Bitcoin is listed on the 'Whitelist' while Dash is not. What's more, Dash is always lumped together with Monero and Zcash who haven't fully released their blockchains. Misleading reports stating that 'anonymous cryptocurrencies' simply exist for the purpose of doing bad things continue to spread without a sufficient understanding of the importance of the privacy and fungibility of cryptocurrencies. I sincerely hope that Kraken, who deals in Dash, Monero, and Zcash as well, will not follow in the footsteps of the moves Coincheck is making recently.Īlthough there is quite a bit of speculation fever surrounding cryptocurrency in Japan, many investors and news agencies, as well as the controlling authority here, the Financial Services Agency, have yet to gain a sufficient understanding of these currencies. It is still unclear as to whether this decision was made by Coincheck, who has currently fallen out of favor in Japanese society, in order to appease the Financial Services Agency or if it was made under the direction of the Agency.

#Coincheck mona verification

It has also been reported that Coincheck plans to purchase these three types of coins which they are holding for their customers at a set rate and only perform payment after a rigorous identity verification process. There has yet to be an official announcement at this time, but it appears that Coincheck judged these coins to be at a high risk of being abused for money laundering purposes. In addition, although the FSA has said that the 'Whitelist' is not an endorsement from the government, many investors will view it that way.Īs you know, the Japanese news agency Jiji Press reported on March 17th that Coincheck was moving in the direction of ceasing dealings with Dash, Monero, and Zcash. However, because it's difficult to exchange cryptocurrencies not on the 'Whitelist' for Japanese yen, I doubt many merchants will accept it. (I personally think that is not the only reason, and that they also had issues with separately managing client assets and reporting on suspected money laundering transactions.)Įven if Dash is not included on the 'Whitelist', Japanese investors can still trade in Dash using foreign exchanges like Binance and Poloniex, and it's perfectly legal for merchants to accept Dash in transactions. The Nikkei and Asahi Shimbun newspapers both published articles which reached that conclusion. With the NEM hack involving Coincheck, there has been a lot of discussion wondering why Coincheck isn't registered with the FSA yet, and more and more people are speculating that it's because they handle cryptocurrency with a high degree of anonymity.

Right now, they are continuing their operations while awaiting registration. The only cryptocurrency exchanges in Japan which handle Dash are Coincheck and Kraken.

There are currently 19 currencies on the 'Whitelist'.īTC, BCH, ETH, LTC, MONA, XRP, ETC, XEM, XCP, FSCC, CICC, NCXC, ZAIF, BCY, SJCX, PEPECASH, ZEN, CMS, QASH The list of every cryptocurrencies handled by these 16 services is colloquially known as the 'Whitelist' among investors, because it lists every cryptocurrencies recognized by the FSA. 5 more services have registered since then, bringing the total to 16. On September 29, 11 cryptocurrency exchanges registered with the Financial Services Agency (FSA). On April 1 last year, new Virtual Currency Regulation came into effect in Japan. Because I'm not great with English, I have had this text translated. I'm writing because I wanted you to know that Dash is facing a difficult situation in Japan. I am a masternode owner residing in Japan, and I have been investing in Dash since March of last year.