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Monex CEO: Japan’s Cryptocurrency Exchanges Need Tighter Rules

(Source: US News & World Report) Japan’s cryptocurrency exchanges should be regulated more like banks as they hold investors’ assets while offering trading platforms, the chief executive of online brokerage Monex Group Inc said. Monex, Japan’s No.3 online brokerage, on Monday completed the 3.6 billion yen ($33.6 million) acquisition of Coincheck Inc – the exchange hit by a $530 million digital money heist – in the most significant move yet by a major financial company into Japan’s crypto sector.

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There are currently 32 cryptocurrency exchanges operating in Japan. While rules introduced last year require exchanges to keep customers’ and company assets separate, the practice has not been clearly defined. Report the complete report at https://www.usnews.com/

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