Japan Wants Cryptocurrency Exchanges to De-List Anonymous Altcoins: Report
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Japan’s Financial Services Agency (FSA) is pressuring local cryptocurrency exchanges to de-list privacy-centric altcoins such as Monero, Zcash, and Dash.
Writing in , Tokyo-based journalist Jake Adelstein reports that sources close to the FSA say the regulatory agency — which has sole authority to grant licenses to cryptocurrency exchanges — is “taking all available steps” to pressure domestic trading platforms to drop support for altcoins that tout the ability for users to make anonymous transactions.
The FSA claims that these cryptocurrencies, which are generally much more difficult to track than bitcoin (though in some cases still possible, due to user error and other factors), have become too closely linked with the criminal underworld.
Monero, for instance, is increasingly associated with “” attacks, where hackers infect computers with malware that hijack CPUs and use them to mine cryptocurrency.
“It should be seriously discussed as to whether any registered cryptocurrency exchange should be allowed to use such currencies,” a member of an FSA-sponsored cryptocurrency working group reportedly said in a meeting on April 10.
At present, there is no official prohibition on trading or facilitating the trading of anonymous cryptocurrencies. Nevertheless, the FSA’s war on privacy-centric altcoins appears to be having some success.
Coincheck, which was the victim of a in January and was later acquired by Japanese brokerage Monex, quietly de-listed Monero and two lesser-known altcoins that claim to be anonymous, presumably in a last-ditch bid to convince the FSA that it had cleaned up its act and deserved to be granted a license.
As CCN , Japan’s licensed cryptocurrency exchanges recently formed a self-regulatory body that will have enforcement power over its members. Among other things, the organization may curate a whitelist of cryptocurrencies that exchanges are allowed to list, which would provide the FSA with an easy avenue to pressure exchanges to de-list cryptoassets of which it does not approve without having to codify the prohibition into official policy.
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Blockchain development companies and the cryptocurrency press have been paying their workers in cryptocurrencies for years, but one realizes that the times are truly changing when mainstream companies start paying their workers in bitcoin.
, a Japanese provider of a full spectrum of internet services for both the consumer and enterprise markets, a system for employees to receive part of their salary in bitcoin.
Headquartered in Tokyo, GMO Internet Group comprises more than 60 companies in 10 countries. In view of the group’s size and financial muscle, this initiative is likely to boost the mainstream adoption of the practice of paying salaries in cryptocurrencies.
The move is partly motivated by the desire to promote the adoption of bitcoin, which is a strategic priority for GMO. In fact, the group is vigorously active in bitcoin trading and mining services, as well as mining hardware development. Therefore, anything that is good for bitcoin is also good for GMO.
In May 2017, GMO a cryptocurrency exchange, initially dubbed Z.com Coin and later , which features cryptocurrency FX and trading on both computers and smartphones. The exchange offers two types of services: cryptocurrency FX, which is an over-the-counter (OTC) bitcoin margin trading and cryptocurrency trading, which enables buying and selling of virtual currency in JPY in addition to basic features allowing customers to send and receive bitcoins.
In September 2017, GMO the upcoming launch of a new bitcoin mining business. “We will operate a next-generation mining center utilizing renewable energy and cutting-edge semiconductor chips in Northern Europe,” , emphasizing that they will invest in R&D and manufacturing of hardware including the next-generation mining chip.
“We will use cutting-edge process technology for chips to be used in the mining process, and jointly work on its research and development and manufacturing with our alliance partner having semiconductor design technology.” The mining business is scheduled to start in January 2018.
GMO expressed its belief that cryptocurrencies will develop into “new universal currencies” available to anyone from any country or region who wants to freely exchange value, “creating a new borderless economic zone.”
The option to receive part of the salary in bitcoin will initially only be available to employees of one GMO company — GMO Internet Co. Ltd. — starting in March 2018, but it will be gradually extended to more than 4,000 employees in other GMO companies based in Japan.
The minimum bitcoin payment will initially be 10,000 yen (~$88) and the upper limit will be 100,000 yen (~$881). Each salary payment in yen will be reduced by the amount of bitcoin paid, using the exchange rate at the GMO Coin exchange.
Mainichi Japan that Japan’s labor code stipulates that businesses must pay employees in a recognized currency such as the yen, but, according to GMO, the move is in accordance with the law because any payments in bitcoin would be consensual, with a chosen amount to be deducted from paychecks and put toward purchasing bitcoin. The cryptocurrency is rising in popularity in Japan with an increasing number of retailers accepting it as a form of payment.
GMO Internet Group wants to contribute to the development of cryptocurrencies in the world by promoting cryptocurrency-related initiatives throughout the group. In particular, GMO wants to promote ownership of bitcoin among its employees — who can be the best evangelists for the group’s products and services related to the digital currency — to improve the employees’ exposure to and understanding of bitcoin.
“Employers can now pay employees a portion of their net earnings in bitcoin by collaborating with niche payroll solution providers such as Bitwage, Wagepoint, or Bitpay, who manage the back-end mechanics, eliminate exposure to price volatility, and reduce compliance and governance risks,” Deloitte principal Eric Piscini.
of cryptocurrency payroll processors and early adopting clients notes that offering salaries in bitcoin could make it easier for companies to retain and attract talent. Besides compensating current employees, “[cryptocurrencies] could help businesses more effectively tap into , where individual contributors may be drawn to business partners that offer payout features only cryptocurrency makes possible: fast peer-to-peer payments across country borders with minimal friction (or total freedom) from traditional banking systems,” said Piscini.
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