The speculation, discredit attempts and even possible bans of cryptocurrencies in some countries have led to decisions directed toward regulatory frameworks, user protections and extreme measures regarding security standards for Exchanges.
All this only ratifies the path toward the digitalization of traditional economies from around the world, becoming more sophisticated. Asian countries pioneered the use of digital assets (cryptocurrencies), and in the last 10 years they are responsible for almost 80% of the digital market worldwide. But they have also forced governments to adopt market regulations for a better use of this new economy.
We are referring specifically about South Korea. The national Financial Services Commission announced the regulations for digital currency exchange in a statement published on January 30. One of its main goals is to control the trading between banks and digital exchanges, so that all the involved accounts are linked to a user name and prevent money laundering and possible frauds for cryptocurrency investors.
Also, Japan’s finance minister Taro Aso, said it's extremely important to adopt measures and regulations in the exchanges security system, that’s why he ordered a revision and monitoring of all the exchanges in the country, in order to strengthen security controls in all their systems.
The “World’s biggest cryptocurrency steal” suffered by Coincheck, one of the largest exchanges in Japan, is the reason for all this decisions. It is believed that the thieves stole more than $500 million USD of the NEM (XEM) digital currency, currently in the Top-10 in Coin Market Cap.
The investigation revealed that the Exchange lacked the required license to trade digital assets, as well as the basic security measures like the multisignature (permit required to authorize any account transaction).
Coincheck is not the only digital currency exchange that has been a victim of hacking in their security system. Just last year, four other companies suffered from this kind of frauds.
Also, one of Russia's oldest banks, Sberbank, decided to move all its digital currency operations to Switzerland, because Russian regulations overrode digital asset operations of this particular bank. In Switzerland, Sberbank found a more friendly environment for banks to operate with digital assets.
Those are just some of many factors that every day enhance the inevitable migration to a mainly digital financial world, sustained by a more reliable technologic infrastructure, as the Blockchain protocol is. Truth is, measures and regulations of governments and many of the leaders of the world's economy are heading towards a digital and more global economy.
Sources: criptonoticias.com Infobae.com