Japan are sending out a very bold message to the rest of the world when it comes to cryptocurrencies
. It’s a very firm but open message, yes, cryptocurrencies are welcomed and encouraged in Japan, but, if you break the rules, you’ll suffer the consequences.
Frankly, this is exactly what the rest of the world needs, an authority figure that seems to be doing it right.
Back to the point anyway.
According to reports out today, Yokohama District Court in Japan will be the first to host a case against three crypto-jackers who are accused of malicious activities within the Monero network. The activities in question include using ‘Coinhive’ to maliciously mine Monero. Not only is this the first time such a case has reached the courts in Japan, it could very well see the three accused become the first people to be sentenced for crypto-jacking and malicious cryptocurrency mining based crimes.
According to CCN:
“The three suspects include a web designer and another individual who has been fined ¥100,000 ($900) by the Yokohama Summary Court for ‘illegally storing a computer virus’. The defendant has argued that the software, Coinhive, is not a virus and is a software script that brings monetization similar to online ad distribution platforms.”
“Still, authorities have decided to press charges against the individuals for operating websites “without clear notices about mining”. The criminal case will be taken to trial at the Yokohama District Court in what will be Japan’s first crypto-jacking criminal prosecution.”
See the full report by CCN for yourself, here-
For now, this case will continue to hit headlines in and around Japan. What it does highlight is that authorities in Japan do mean it when they say they are clamping down on malicious cryptocurrency
activities. This resonates with the recent regulations imposed by financial authorities within Japan onto cryptocurrency exchanges
They are shaping their future to be more accepting of cryptocurrencies, a key part of that will involve seeing that justice is served to criminals, in the hope that in the future, the increased chances of getting caught will put more people off engaging in cybercrime.