Takuya Hirai, a member of the ruling Liberal Democratic Party (LDP) and one of the architects of a law legalizing crypto exchanges in Japan last year, has been proactive in promoting blockchain as part of his role as chairperson of the Liberal Democratic Party’s IT Strategy Special Committee, as well as chairperson of the Fintech Promotion Parliamentarians’ Federation. Hirai is credited for his role in drafting Japan’s basic cybersecurity law, which was enacted in 2015. Hirai’s advisory role at Tama University has shown that the study group publishes a broad list of regulatory guidelines and full legalization of ICOs in the country, which will be officially considered by Japan’s Financial Services Agency, and could eventually be passed into law in the next few years. The guidelines included rules for anti-money-laundering (AML), know-your-customer (KYC) measures, tracking project progress, and protecting existing equity and debt holders.
IBM Awarded Patent for Secure System Based on Blockchain
Tech conglomerate IBM has recently been awarded a patent for a blockchain-based secure system. The patent filing was published on U.S. Patent and Trademark Office (USPTO) website Tuesday, October 2. The technology enables the detection of security breaches within a network by connecting all the monitors to a chain configuration, which registers all events in the network. This, in turn, might help to prevent different sorts of hacks. Within a blockchain security system, a hacked monitor can be found immediately, as in such a case synchronized monitors won’t have consensus. The use of blockchain technology in monitor systems will therefore help create “a less vulnerable” network and provide more security, IMB states.
Crypto Trading Platform BitMEX Appoints Veteran Hong Kong Regulator as COO
Major crypto trading platform BitMEX has appointed a veteran Hong Kong regulator as its chief operating officer (COO). BitMEX was founded in 2014 and sees almost $1.8 billion in daily traded volume, making it one of the world’s largest crypto exchanges. It works as a “peer-to-peer trading platform that offers leveraged contracts that are bought and sold in Bitcoin. Reportedly, Angelina Kwan will become its COO with immediate effect. Kwan is a certified public accountant and served as managing director and head of regulatory compliance for Hong Kong Exchanges and Clearing (HKEX) for almost three years prior to accepting the BitMEX post. Earlier, she was reportedly a covered enforcement and market supervision as part of her role as director of Hong Kong’s Securities and Futures Commission and she also worked at domestic brokerage firms including Reorient and CLSA. She has noted that proactive regulators have given the green light to crypto futures trading on leading platforms CME Group and CBOE.