Japan's FSA Wants Cryptocurrency Exchanges to De-List Altcoins

Japan's Financial Services Agency (FSA) is pressuring local cryptocurrency exchanges to de-list privacy-centric altcoins such as Monero, Zcash, and Dash.

Marcus Zallman
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In a news article published by Forbes, Jake Adelstein has cited sources close to the Japan’s Financial Services Agency (FSA) saying that the regulatory — is taking all available steps to pressure domestic trading platforms to drop privacy "altcoins" which are allowing users to make anonymous transactions. The FSA claims that it needs to take action for person(s) or companies who are using cryptocurrencies. This includes transactions for money laundering, or other illegal acts. It is very difficult, if not impossible to identify the recipients of currencies like Dash (DASH), Monero (XMR) and Zcash (ZEC).

A member of an FSA-sponsored cryptocurrency working group reportedly said in a meeting on April 10th, that It should be seriously discussed as to whether any registered cryptocurrency exchange should be allowed to use such currencies.” In response to this, Monero’s project Lead, Riccardo Spagni tweeted:

In Japan, cryptocurrency exchanges are still allowed to trade and facilitate the trading of anonymous cryptocurrencies.The FSA’s actions to apply pressure to the various exchanges on privacy altcoins appears to be having some success.

Coincheck, a Japanese exchange that was hacked last year and lost 500 NEM tokens has already dropped Monero, Dash and Zcash. Judging from the market buzz, more exchanges will begin to follow suit.