Dear Dash Community Members,
I am a masternode owner residing in Japan, and I have been investing in Dash since March of last year.
I'm writing because I wanted you to know that Dash is facing a difficult situation in Japan. Because I'm not great with English, I have had this text translated.
On April 1 last year, new Virtual Currency Regulation came into effect in Japan. On September 29, 11 cryptocurrency exchanges registered with the Financial Services Agency (FSA). 5 more services have registered since then, bringing the total to 16.
http://www.fsa.go.jp/menkyo/menkyoj/kasoutuka.pdf
https://bitpress.jp/news/information/entry-6488.html
The list of every cryptocurrencies handled by these 16 services is colloquially known as the "Whitelist" among investors, because it lists every cryptocurrencies recognized by the FSA. There are currently 19 currencies on the "Whitelist".
BTC, BCH, ETH, LTC, MONA, XRP, ETC, XEM, XCP, FSCC, CICC, NCXC, ZAIF, BCY, SJCX, PEPECASH, ZEN, CMS, QASH
http://coinpost.jp/?p=6660
The only cryptocurrency exchanges in Japan which handle Dash are Coincheck and Kraken. They also handle Monero and Zcash. Right now, they are continuing their operations while awaiting registration.
With the NEM hack involving Coincheck, there has been a lot of discussion wondering why Coincheck isn't registered with the FSA yet, and more and more people are speculating that it's because they handle cryptocurrency with a high degree of anonymity. The Nikkei and Asahi Shimbun newspapers both published articles which reached that conclusion.
(I personally think that is not the only reason, and that they also had issues with separately managing client assets and reporting on suspected money laundering transactions.)
Even if Dash is not included on the "Whitelist", Japanese investors can still trade in Dash using foreign exchanges like Binance and Poloniex, and it's perfectly legal for merchants to accept Dash in transactions. However, because it's difficult to exchange cryptocurrencies not on the "Whitelist" for Japanese yen, I doubt many merchants will accept it. In addition, although the FSA has said that the "Whitelist" is not an endorsement from the government, many investors will view it that way.
As you know, the Japanese news agency Jiji Press reported on March 17th that Coincheck was moving in the direction of ceasing dealings with Dash, Monero, and Zcash.
https://cointelegraph.com/news/hack...-anonymity-focused-coins-after-fsa-inspection
https://cointelegraph.com/news/hack...-anonymity-focused-coins-after-fsa-inspection
There has yet to be an official announcement at this time, but it appears that Coincheck judged these coins to be at a high risk of being abused for money laundering purposes.
It has also been reported that Coincheck plans to purchase these three types of coins which they are holding for their customers at a set rate and only perform payment after a rigorous identity verification process.
It is still unclear as to whether this decision was made by Coincheck, who has currently fallen out of favor in Japanese society, in order to appease the Financial Services Agency or if it was made under the direction of the Agency.
I sincerely hope that Kraken, who deals in Dash, Monero, and Zcash as well, will not follow in the footsteps of the moves Coincheck is making recently.
Although there is quite a bit of speculation fever surrounding cryptocurrency in Japan, many investors and news agencies, as well as the controlling authority here, the Financial Services Agency, have yet to gain a sufficient understanding of these currencies. Misleading reports stating that "anonymous cryptocurrencies" simply exist for the purpose of doing bad things continue to spread without a sufficient understanding of the importance of the privacy and fungibility of cryptocurrencies. What's more, Dash is always lumped together with Monero and Zcash who haven't fully released their blockchains.
I wrote that it is absurd that Bitcoin is listed on the "Whitelist" while Dash is not.
https://www.dashjapan.com/dash-whitelist/
That is all I have to report on the current situation in Japan.
Regards,
Samurai33
I am a masternode owner residing in Japan, and I have been investing in Dash since March of last year.
I'm writing because I wanted you to know that Dash is facing a difficult situation in Japan. Because I'm not great with English, I have had this text translated.
On April 1 last year, new Virtual Currency Regulation came into effect in Japan. On September 29, 11 cryptocurrency exchanges registered with the Financial Services Agency (FSA). 5 more services have registered since then, bringing the total to 16.
http://www.fsa.go.jp/menkyo/menkyoj/kasoutuka.pdf
https://bitpress.jp/news/information/entry-6488.html
The list of every cryptocurrencies handled by these 16 services is colloquially known as the "Whitelist" among investors, because it lists every cryptocurrencies recognized by the FSA. There are currently 19 currencies on the "Whitelist".
BTC, BCH, ETH, LTC, MONA, XRP, ETC, XEM, XCP, FSCC, CICC, NCXC, ZAIF, BCY, SJCX, PEPECASH, ZEN, CMS, QASH
http://coinpost.jp/?p=6660
The only cryptocurrency exchanges in Japan which handle Dash are Coincheck and Kraken. They also handle Monero and Zcash. Right now, they are continuing their operations while awaiting registration.
With the NEM hack involving Coincheck, there has been a lot of discussion wondering why Coincheck isn't registered with the FSA yet, and more and more people are speculating that it's because they handle cryptocurrency with a high degree of anonymity. The Nikkei and Asahi Shimbun newspapers both published articles which reached that conclusion.
(I personally think that is not the only reason, and that they also had issues with separately managing client assets and reporting on suspected money laundering transactions.)
Even if Dash is not included on the "Whitelist", Japanese investors can still trade in Dash using foreign exchanges like Binance and Poloniex, and it's perfectly legal for merchants to accept Dash in transactions. However, because it's difficult to exchange cryptocurrencies not on the "Whitelist" for Japanese yen, I doubt many merchants will accept it. In addition, although the FSA has said that the "Whitelist" is not an endorsement from the government, many investors will view it that way.
As you know, the Japanese news agency Jiji Press reported on March 17th that Coincheck was moving in the direction of ceasing dealings with Dash, Monero, and Zcash.
https://cointelegraph.com/news/hack...-anonymity-focused-coins-after-fsa-inspection
https://cointelegraph.com/news/hack...-anonymity-focused-coins-after-fsa-inspection
There has yet to be an official announcement at this time, but it appears that Coincheck judged these coins to be at a high risk of being abused for money laundering purposes.
It has also been reported that Coincheck plans to purchase these three types of coins which they are holding for their customers at a set rate and only perform payment after a rigorous identity verification process.
It is still unclear as to whether this decision was made by Coincheck, who has currently fallen out of favor in Japanese society, in order to appease the Financial Services Agency or if it was made under the direction of the Agency.
I sincerely hope that Kraken, who deals in Dash, Monero, and Zcash as well, will not follow in the footsteps of the moves Coincheck is making recently.
Although there is quite a bit of speculation fever surrounding cryptocurrency in Japan, many investors and news agencies, as well as the controlling authority here, the Financial Services Agency, have yet to gain a sufficient understanding of these currencies. Misleading reports stating that "anonymous cryptocurrencies" simply exist for the purpose of doing bad things continue to spread without a sufficient understanding of the importance of the privacy and fungibility of cryptocurrencies. What's more, Dash is always lumped together with Monero and Zcash who haven't fully released their blockchains.
I wrote that it is absurd that Bitcoin is listed on the "Whitelist" while Dash is not.
https://www.dashjapan.com/dash-whitelist/
That is all I have to report on the current situation in Japan.
Regards,
Samurai33