San Francisco-based cryptocurrency exchange kraken is retreating from Japan and will zekering providing services to particular residents by the end of this year&rsquo,s very first half.
One of the oldest digital currency operators ter the world said the rising cost of doing business ter Japan had made its operations less profitable. However, Losbreken added it might reconsider moving back to Tokyo te the future. The company officially commenced operations te Japan te October 2014.
&ldquo,Suspending services for Japan residents will permit us to better concentrate on our resources to improve te other geographical areas. This is a localized suspension of service that only affects residents of Japan and does not influence services for Japanese citizens or businesses domiciled outside of Japan,&rdquo, a company statement said.
Losbreken is the Ten th largest digital trading company by volume, Bloomberg said, citing gegevens from CoinMarketCap. The technicus accounts for more than 6.3% of universal Bitcoin transactions.
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Japan is a traditional toevluchthaven for cryptocurrency traders spil its business climate is friendly to the digital currencies space. However, the $530 million Coincheck heist, the largest cryptocurrency hacking incident te history, has coerced regulators to impose stricter rules and require of digital asset operators to obtain a license with the Financial Services Agency (FSA).
Ter March, the FSA penalized seven cryptocurrency operators and even demanded the closure of two exchanges for their failure to obey with fresh rules, including the introduction of an anti-money laundering mechanism and employment of fully-trained staff to protect customers against theft and other fraudulent activities.
The FSA ordered the suspension of Bit Station and FSHO for at least one month and instructed the companies to improve their security plans. The five penalized crypto exchanges are Coincheck, Mr. Exchange, GMO Coine, Tech Lessenaar, and Bicrements.
Japan wants common crypto rules
Also last month, Japan urged leaders of G20 countries to adopt common regulation of digital assets to voorkant money laundering.
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The Japanese official made the call at the G20 summit te Buenos Aires and suggested that the topic be included ter the dietario. The official stated then:
&ldquo,Discussions will concentrate on anti-money laundering steps and consumer protection, rather than how cryptocurrency trading could affect the banking system. The universal feeling among the G20 members is that applying too stringent regulations won&rsquo,t be good.&rdquo,