Japan tightens the rules: Monero, Dash and Zcash become cheaper
Channel: KCN News
Date: 2018-05-07

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In Japan, anonymous cryptocurrencies will be banned in June 2018. According to the new rules, just documents for registration will not be enough. The registration process will include a direct visit to the exchange by the staff of the Financial Services Agency of Japan with inspection, as well as ensuring compliance with five criteria: to improve security, assets must be stored on unconnected servers under reliable passwords; to protect against money laundering, data verification of clients making large transactions should be carried out; internal rules should be toughened, in particular, a ban on the admission of shareholders to the management of the process should be introduced; the exchange should guarantee the separation of the client's funds and the assets of the exchange, not allowing the use of client funds by employees; and exchanges should exclude from the listing of cryptocurrencies with a high level of anonymity. The latter has already affected such altcoins as Zcash, Dash and Monero, which lost seven, six and four percent respectively in the past 24 hours. Previously registered exchanges will have to switch to new standards.

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