Japan’s FSA Puts Pressure on Cryptocurrency Exchanges To Drop Monero, ZCash, Dash

by | May 1, 2018 | Cryptocurrency, Cryptocurrency News

Japan | FSA | Financial Services Agency Japan | Cryptocurrency Exchanges Japan | Monero | ZCash | DASH

Bad news for Monero, Zcash and DASH cryptocurrency. Regulators in Japan are reportedly pressuring the country’s cryptocurrency exchanges to de-list cryptocurrencies with anonymous features, including Monero (XMR), Zcash (ZEC) and Dash (DASH).

Sources close to Japan’s Financial Services Agency told Forbes that the agency is “taking all available steps to discourage the use of certain alternative virtual currencies that have become attractive to the underworld because they are difficult to track.”

On April 10, at a working group meeting of experts on cryptocurrency, under the auspices of the Financial Services Agency, Monero and Dash were both mentioned as highly problematic virtual currencies. One member of the group, pointed out that there was a serious danger these two virtual currencies could be used for money laundering and stated, “It should be seriously discussed as to whether any registered cryptocurrency exchange should be allowed to use such currencies.”

The agency apparently said that the move comes in response to concerns over money laundering and other possible illegal uses of the cryptocurrency. The trade and ownership of privacy coins are, by and large, harder to track than those of other cryptocurrency like bitcoin or ether.

Japan’s Coincheck recently announced it’s removing Monero, Zcash and Dash from its exchange. The exchange lost NEM tokens worth over $500 million in the January heist, but resumed trading in March. It did so for all the tokens it had previously supported with the exception of Monero, Zcash, and Dash.

The vast majority of criminal enterprises around the world are of course still using cash. However, a recent report from the security firm Bromium found that Monero is the new favorite cyber tool for money laundering.

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