Japan’s Crypto Association to Stiffen Rules on Managing Assets after Zaif Attack

  • Yuri Molchan
    📰 News

    After the Zaif exchange was hacked last week with around $60 mln stolen, the Association of Electronic Exchanges intends to set limit of virtual coins in hot wallets

Japan’s Crypto Association to Stiffen Rules on Managing Assets after Zaif Attack

After the Zaif exchange was hacked last week with around $60 mln stolen, the Association of Electronic Exchanges in Japan intends to set a strict limit for the sum of virtual coins to be held in hot wallets.

The Japanese agency intends to set the limit of around 10 to 20 percent of customers’ balances to be held and traded from an online vault. The agency will revise the rules that it made in mid-summer and introduce them once they are verified by the Japanese regulator.

Cover image via u.today
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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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