According to the news from https://www.bitkub.com/ :
Following illegal activities in the use of cryptocurrencies, the authorities of Japan’s National Police Agency (NPA), has planned to devise new software that can monitor cryptocurrency transactions record in the country, according to NHK on 30th August. However, this motive is prompted to combat the rate of cryptocurrency illegal activities.
Although this project promises a safety use of cryptocurrency transactions, the NPA is expecting to budget at least 35 million yen by 2019, according to Cointelegraph. The NHK reported that the functions of the software include extracting transaction data and monitor transactions which can be used to show the activities of the crypto exchange operators.
Several illicit activities regarding cryptocurrency have been prevailing. Following the criminal activities last month, the commissioner of Japan’s Financial Services Agency (FSA), stated earlier this week that the cryptocurrency industry should “grow under appropriate regulation.” The FSA also made it clear that its objective is to develop the crypto industry in finding a balance between consumer protection and technological innovation.
As much as innovation is encouraged in today’s world, it is essential that security measures are necessarily taken to protect the beneficiaries of the 21st century of technology.
Let us know what you think about Japan’s FSA move to monitor illegal activities that might be occurring in the use of crypto exchange operators in the comment section below.
For more news please visit: https://www.bitkub.com/