Licensed Crypto exchanges to waive extra scrutiny

If the proposed laws are adopted, exchanges that have been licensed by the Financial Services Agency (FSA) will be permitted to offer some assets without having to go through a lengthy background check, according to sources mentioned in Bloomberg.

Extra scrutiny would be waived for virtual currencies that have been offered on at least three local exchanges for over six months. If the plan succeeds, exchanges will find it simpler to list Bitcoin (BTC) and Ether (ETH).

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Coincheck and GMO Coin both have 17 coins listed now, making them the two largest exchanges in Japan by several products. Japanese exchanges have fallen substantially behind global exchanges, which, in the instance of leading exchanges like Coinbase and Binance, have hundreds of coins registered.

Coinbase and FTX have joined the tough Japanese crypto sector with subsidiaries establishing crypto exchanges; thus, the planned guidelines come at an important moment.

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Kazakhstan's mining sites are still closed

In a notification obtained by Forklog, the state-run Kazakhstan Electricity Grid Operating Company (KEGOC) alerted mining companies of the ongoing limitations. The company blames unaddressed issues with having a constant supply of power.

The policy was first implemented on January 24, when mining sites were forced to close until January 31. The power outages induced by winter outages impacted over 70 businesses. Southern Kazakhstan and surrounding nations experienced outages due to a damaged electricity line.

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According to Alan Dorjiyev, the director of Kazakhstan's National Association of Blockchain and Data Center Industry, mining companies are waiting for clarity from the Ministry of Energy before planning their future activities in the nation. Hundreds of mining companies are affiliated with his organization.

Kazakhstan has been dealing with an increasing electricity shortfall since 2021, when it became the main mining hub due to China's anti-mining crackdown. The electrical constraints have been attributed to the flood of miners, who upped the nation's portion of the world's bitcoin hashrate to almost 18%.