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

Mon, 10/01/2018 - 11:28

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

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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.

#Cryptocurrency exchange

About the author

Yuri Molchan

Yuri is a crypto 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 in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets.

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.