Japan Don Tighten Cryptocurrency Rules After Dem $305M DMM Bitcoin Hack, Dem Dey Boost AML Compliance And Stablecoin Oversight
Japan don put new strong rules for cryptocurrency after di $305 million hack wey happen for DMM Bitcoin exchange, wey dem talk say North Korea linked TraderTraitor do am. Di new Payment Services Act talk say crypto exchanges must keep customer money inside Japan body, to protect investors from wahala wey fit happen if foreign exchange fail or go bankrupt. Di law sharpens anti-money laundering (AML) and counter-financing of terrorism (CFT) rules, make all crypto companies register and follow correct rules well. For stablecoins, dem clear rules say issuers fit back up to 50% of their coins with low-risk assets, make innovation still dey but safety no go loss. Di law also set how crypto platforms, users, and payments inside apps fit work better so crypto fit dey used well for gaming and digital work. Dis reforms come after plenty big security palava like the 2024 DMM Bitcoin hack wey make di exchange shut and assets move to SBI VC Trade. Dem wan rebuild investor trust, make custody transparency dey more, and reduce partner wahala. Traders go see say market go safe, clear, and regulated well well, wey go make big institutions join and keep the sector strong for long.
Bullish
Japan dem come up with complete new rules for crypto dem after di $305 million DMM Bitcoin hack, wey go help stabilize di market well well and make investors trust am more. Di new law go make sure say domestic asset dey for safe hands, di rules against money laundering go tough well, and stablecoin rules go clear. Dis one go reduce better chance of security wahala and money crime later. Plus, better framework for crypto payments inside app and stablecoin issuing go make plenti people fit use am and also bring new ideas. Even though di immediate wahala from di DMM hack no good, di new rules dey tackle di main palava and go attract big investors to come because e make di market safer and clear well. Dis combination of strong oversight plus support for new ideas dey make market dey fine, boost credibility and set ground for better growth wey go last.