Tech Bureau Corp is a Japanese firm that recently came under fire after one of its exchange firms, Zaif, allowed investors free access to Bitcoins. Bitcoins were acquired at zero charges for a window of twenty minutes on the 16th of February. Luckily, the firm declared those transactions null and void upon realization of the hitch. Just recently, Coincheck Inc. had discovered flaws in Zaif’s systems that could present a golden opportunity for cyber attacks. $530 million worth of digital money had been stolen from Zaif. The Japanese government registered Zaif alongside other 15 firms.
In the wake of tumultuous pricing of coins, the need to regulate the cryptocurrency market has emerged. In Japan, some companies were set to merge to cater for both registered and unregistered firms. The country is on record as the first to establish a regulatory firm to moderate cryptocurrency exchange markets. It is expected that a self-regulatory body will be formed in April to foresee the activities of cryptocurrency exchange companies. A report by Nikkei Business Daily suggests that the oversight authority will ensure customer protection on the sites, advertisements, facilitate overall security at the exchange and keep members in check as per rules and regulations.
However, the regulatory institution aims to use less harsh policies to nurture the digital currency market, a move that is being questioned globally.