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FSA to introduce New Regulations for Cold Wallets

 

Japan’s Financial Services Agency (FSA)  announced that it is all set to introduce new rules regarding cold wallets for storing cryptocurrencies at crypto exchanges. The news was announced by leading media mogul, Reuters reported on April 17.

Per the report, cryptocurrency exchanges will need to strengthen the internal supervision of cold wallets. By implementing the new regulation, the FSA purportedly seeks to address the difficulties of ensuring the security of digital currencies and other risks for the country since it intends to boost the fintech industry to stimulate economic growth.

Earlier this month, the FSA heard arguments for no longer classifying bitcoin (BTC) as a currency. During a plenary session at the 41st General Assembly of the Financial Council and the 29th Financial Division Meeting, Professor Iwashita Goto of Kyoto University argued that Bitcoin had become something beyond a means of transacting due to its borderless qualities, which have led it to appear throughout the world in its ten-year history.

While cold wallets are not connected to the Internet and, therefore, provide better security to digital assets, the FSA emphasizes that there could be risks of internal theft. Furthermore, a number of exchanges lack a policy in place where the person responsible for the storage would be regularly rotated out.

In March, the FSA approved the second cryptocurrency exchange to begin operations under new regulations. The FSA began issuing licenses to new cryptocurrency exchanges looking to serve the Japanese market.

In another news reported by CoinMarketFeed, The Autorité des marchés financiers (AMF) recently published a press release warning the public about Kuvera,  a firm offering training courses and software for trading cryptocurrency and investing in forex markets.

The stock market regulator in France has issued a warning regarding the operation of Kuvera LLC(1)/Kuvera France. As per AMF, Kuvera promotes trading on risky products and targets young people.

Kuvera further promises subscribers compensation which increases with the number of subscribers. Furthermore, AMF notes that the company has not been authorized to operate in France.

Last December,  AMF blacklisted four crypto-related websites for selling unauthorized investment offerings. The blacklists included crypto-related websites as iminage.com, elos-patrimoine.com, infoconso.info, and live-crypto.com.net.

In the announcement, the AMF warned investors about the increasing number of unregistered investment projects. Also, in September of last year, the AMF blacklisted  21 new investment websites, including multiple crypto-related sites. Under the new rules, prior to any token issuances, a company must apply to the AMF for a license and provide the agency with detailed information pertaining to the offer and issuer.