
Japan FSA Has 5 New Rules For All Crypto Exchanges
The Five Criteria’s by FSA
- The Exchanges must not store cryptocurrency in any internet connected computers. Also, have to set multiple passwords for cryptocurrency transfers.
- The Exchanges need to verify customer identity for large transactions. thus, this will prevent money laundering through any exchanges.
- The Exchanges have to carefully manage customer assets. The customer assets must be kept separate from the exchange assets.
- Cryptocurrency having high anonymity needs to be delisted. An example such as Monero. Because high anonymity could lead to money laundering.
- All roles on the exchange platform should have different privileges. System development roles need to be separated from asset management roles. This is to prevent employees from manipulating the system for their benefits.
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