Japan will control cryptocurrencies storage
Japan's Virtual Currency Exchange Association (JVCEA) will apply measures to control its clients' asset management
The JVCEA said it will set a limit for the number of digital coins traded online after an incident of piracy in early September. It is feasible that this ceiling is from 10 to 20% of the clients’ deposits.
In general, most of the clients’ assets are stored in cold storage portfolios, outside the network. However, a number of crypto currencies are stored in digital wallets, which makes them vulnerable to hacker attacks. The rules of the association will limit the digital assets that may be retained.
In the most recent hack, approximately 7 billion Japanese yen were stolen in cryptocurrencies from an exchange operated by Tech Bureau Corp, a consortium based in Osaka. Of the theft, a total of 4.5 billion belonged to customers.
To make matters worse, the executives of the company of the stolen cryptocurrency publicly stated that the exchange office did not establish the correct measures to guarantee the security of the funds. For its part, the measure of the JVCEA seek to stop such events from happening again.
L.Sáenz
Source: Coincrispy
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