- Privacy coin Dash (DASH) might soon see an unexpected return to Japan’s crypto exchanges.
- The coin was previously removed over two years ago due to privacy coins’ suspected role in money laundering.
- One individual, Yosuke Suda, wrote a proposal to return DASH, as it does not break the regulators’ rules.
It has been nearly two and a half years since Japan banned Dash from the country’s crypto exchanges. The move came after the Coincheck hack in January 2018. The hack saw the theft of half a billion NEM, causing the authorities to remove privacy coins form exchanges. Apart from DASH, ZCash and Monero were banished as well.
Even South Korean OKEx delisted the privacy coins in order to remain true to FATF guidelines. Now, almost two and a half years later, however, the situation is taking yet another turn.
Japan needs Dash to return
While the FSA did order exchanges to delist privacy-focused cryptos to prevent hacking, money laundering, and alike, the coins are still in large demand. This is what caused one individual, Yosuke Suda, to submit a DASHNexus proposal. He submitted his proposal nearly two months ago, on March 9th.
The goal was to try and convince the regulator to whitelist Dash once more, and return it to local exchanges. If this were to happen, investors and even retail outlets would adopt it and provide users with a way to pay anonymously. In a surprising twist, Suda posted an update on April 26th, stating that proposal got an approval,
Suda argued that Dash is a project that uses a transparent blockchain, and that it is compliant with FTAF. That also includes the trave rule.
Suda and DCG work on bringing DASH back
Suda also revealed that he has collaborated with the Dash Core Group (DCG), and its representatives in Japan. Together, they fought not only to bring Dash back to the exchanges, but also to promote the coin throughout the country.
The proposal’s goal is also to change the negative view of Dash among Japan’s regulators. While there are no laws that openly forbid the listing of Dash, the project is still affected by indirect guidelines. For example, the guidelines block it from the exchanges as they forbid projects difficult to trace. The rules also do not allow the listing of projects that cannot be audited, or that might help the violation of AML laws. Suda and the DCG are currently creating a team of lawyers and CPAs to write and submit a new memorandum for Dash.