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$530-mn Coincheck heist sheds light on Japan's rush to create crypto rules

Coincheck was among the exchanges that didn't win approval. By the time it filed its application in mid-September, bitcoin was surging towards a record high of $19,458, which it hit in December

Reuters  |  Tokyo 

After the Mt. Gox cryptocurrency exchange was stung by a half-billion-dollar theft in 2014, Japanese regulators swung into action. Their goal was to craft rules that both protected traders and allowed a promising sector to flourish. By last April, they thought they had arrived at a set of guidelines that did just that. Japan's national system to oversee cryptocurrency trading was the world's first, rolled out even as policymakers elsewhere grappled with how to deal with the sector. Under the Japanese framework, some exchanges would be allowed to operate - even though they ...

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First Published: Mon, February 12 2018. 12:05 IST