The trustee of now-defunct Japanese cryptocurrency exchange Mt. Gox has extended the deadline for the submission of rehabilitation plans. According to an official announcement published on the company’s website on March 30, Mt. Gox Rehabilitation Trustee Nobuaki Kobayashi filed a motion with the Tokyo District Court to extend the submission deadline of a rehabilitation plan. On March 27, the court released an order to extend the deadline to July 1, 2020. Kobayashi was granted a similar extension in April 2019, which pushed the deadline at that time to October. Deadline moved due to ‘matters that require closer examination’ Once a …

OKCoin, one of the oldest exchanges in China, is continuing its crypto exchange business expansion, announcing on March 30 that it has officially secured licensing in Japan. OKCoin has been anticipating this day Per its announcement, OKCoin Japan has completed its registration with the Kanto Local Finance Bureau. According to the firm, this makes OKCoin the first international exchange to obtain a cryptocurrency exchange license through the official application procedure in Japan. OKCoin Japan said that ever since its establishment in September in 2017, it has been preparing itself to be in a position to achieve a business framework that …

Hitachi Solutions will be the first company in Japan permitted to conduct sales of blockchain software technology company ConsenSys’ product PegaSys Plus starting on April 1. According to a March 30 press release, Tokyo-based Hitachi announced it would work in collaboration with U.S.-based ConsenSys to provide PegaSys Plus to the Japanese market. An Ethereum (ETH)-based blockchain platform, PegaSys Plus is a commercial license version of the ConsenSys product offering additional features and support. Japanese blockchain market has potential ConsenSys Founder and CEO Joseph Lubin commented on the collaboration between the two companies: "We think Japan has the potential to be …

This week’s headlines from Japan included Bitbank adding smartphone compatibility for identity verification, Fobi Japan announcing leverage trading, Coincheck announcing order limits, Rakuten Wallet announcing margin trading, and product trading company Marubeni testing blockchain for tracing steel pipes. Check out some of this week’s crypto and blockchain headlines, originally reported by Cointelegraph Japan. BitBank launches smartphone ID verification Japan-based crypto exchange, BitBank, recently added smartphone compatibility for its Know Your Customer, or KYC, practices. Using their smartphone cameras, customers can now snap pictures themselves and related required paperwork for verification. At present, BitBank is only compatible with Apple’s iOS, although …

The number of retail investors registering for an account with Japanese cryptocurrency exchange bitbank spiked by 40% in the week after the Bitcoin bloodbath. The March 12 meltdown saw the price of Bitcoin (BTC) drop to a new 2020 low at $3,775. An official blog post by bitbank market analyst Yuya Hasegawa reveals that Bitcoin trade volume and account registrations both saw a significant surge in the wake of the crash. Even the number of users going through KYC was above average on the day of the BTC downturn and the following couple of days. Hasegawa contrasts the current situation …

The trustee for the defunct Mt. Gox cryptocurrency exchange has drafted a rehabilitation plan for creditors. The plan will see claims for fiat currencies, Bitcoin (BTC), and Bitcoin Cash (BCH) honored in their requested form, while all other crypto assets “will be liquidated into cash to the extent possible." Mt. Gox trustee to liquidate all crypto excluding BTC and BCH Funds will be allocated toward the rehabilitation proceedings first, with creditors receiving funds thereafter. Priority payments will be made to secure the interests of fiat currency claims, followed by small sum payments of up to approximately $1,800, and then prorated …

Mt. Gox’s creditors met today to discuss a draft rehabilitation plan as part of a compensation process that seems to go on and on. This news comes at a unique time: amid a pandemic and with the world on the brink of economic crisis. It calls to mind again the 2014 collapse of Mt. Gox, the Japan-based cryptocurrency exchange that once accounted for 70% of the world’s Bitcoin (BTC) trading, a signal moment in crypto history. In anxious times like these, people are inevitably asking: Can a failure of this scale happen again? Earlier this week, the crypto hedge fund …

One organization in Japan is finding new ways to explain regulations covering illegal activities in the blockchain gaming community. The Blockchain Contents Association (BCA) announced on March 24 that they had written new guidelines to deal with laws related to gambling and online scams. A Japanese self-regulatory organization established in February 2020, the BCA intends to promote customer protection for any blockchain-based content, including gaming and social media. Avoiding violating Japanese law on the blockchain Though many cities in Japan have explored establishing casinos, under local law gambling online and in person is still illegal in most situations. The Tokyo-based …

In the latest sign of a step forward in a lengthy compensation process, the infamous hacked Bitcoin (BTC) exchange Mt. Gox appears to be hosting a new meeting for its creditors tomorrow, March 25. In an official announcement posted to the now-defunct exchange’s website on March 24, Mt. Gox’s rehabilitation trustee notified creditors of a new portal through which they will be able to access all documents to be distributed at tomorrow’s meeting. As previously reported, as many as 24,000 creditors are thought to have been affected by Bitcoin exchange Mt. Gox’s 2011 hack and later collapse in early 2014, …

This week’s headlines from Japan included exchange self-regulatory organization, JVCEA, suggesting guideline changes, financial institutions collaborating with a blockchain startup for asset management, GMO Coin exchange listing BAT, and news that Toyota has built a blockchain-based identity platform. Check out some of this week’s crypto and blockchain headlines, originally reported by Cointelegraph Japan. JVCEA adds regulatory suggestions and revision regarding exchange JVCEA, a Japanese self-regulatory organization (SRO) for exchanges, proposed alterations to an upcoming initiative called the Revised Funds Settlement Law, set to come into play in the first half of 2020. The group also noted changes to the Financial …

EY Japan, the Japanese branch of global accountancy firm Ernst & Young, has announced plans to launch a blockchain system for tracking Japanese sake and fruit and preventing the sale of fraudulent or counterfeit products. According to Asian Nikkei Review, EY Japan’s SAKE Blockchain will be rolled out across Asia once the threat of the coronavirus and a stable business environment has been reestablished in the region. The company is reportedly eying Hong Kong and Singapore as major markets that are also open to distributed ledger technologies. EY Japan to combat counterfeit produce with blockchain SAKE Blockchain’s announcement comes amid …

Even amid the financial turmoil caused by the coronavirus outbreak, countries are continuing to consider the adoption of a central bank digital currency (CBDC). In an exclusive interview with Cointelegraph Japan, Kozo Yamamoto, Liberal Democratic Party (LDP) Member of the House of Representatives and a former official at the Ministry of Finance, argued that Japan should implement a CBDC — and fast. Balancing a digital yen with fiat currency A key figure behind ‘Abenomics’, Yamamoto referred to the three traditional roles of money — as a medium of exchange, store of value, and unit of account. In his view, large …