With great power, comes great responsibility, are the words that have been cherished since the days of Aristotle and Plato. These elements of authority and accountability are essential means that decide the ethical aspect and acceptability of an act.
After the introduction of crypto, the world was took aback by the powers of it, and how crypto may ease living by eliminating intermediates and may impact the economy on several levels.
Illegitimate use of cryptocurrencies and its increasing negative impact has forced the Japanese National Police Agency to take a more proactive approach. In 2019, the NPA will reportedly put to use a specific software to track the history of virtual currency transactions within the country.
The NPA is aiming to increase its budget by 35 million yen (around $315,000) for the next fiscal year to cover the expense of the new software. The name of the company responsible for the development of the new software has not yet been disclosed.
According to NHK, the software can extract transaction data needed for an investigation, visualise it from an open record, and show the purpose of use by the crypto exchange operators.
Tokyo-based security software manufacturer, Trend micro, found Bitcoin ATM malware online for around $25,000. Criminals were open to purchase BTC ATM malware along with a ready-to-use card with EMV and near field communication features.
Japan’s financial regulator commissioner, the Financial Service Agency(FSA), added that the agency wants cryptocurrency to “grow under appropriate regulation”, also that it has, “no intention to curb excessively.”
The primary motive of FSA is to find a balance between consumer protection and technological innovation. The FSA probe found that due to the increasing volume of the transaction, exponentially, the control system has failed to keep pace with it.
Leave a Comment