Japan has gone through some period of cabinet reshuffling, which has led to the Prime minister, Shinzō Abe appointing Takuya Hirai, a very active individual in the Japan Crypto scene as the Minister of Science, Technology and IT.

Takuya Hirai’s Appointment

Takuya Hirai has risen to popularity in the crypto industry through his positive outlook on the crypto market. He is also a major advocate for the legalization of cryptocurrency in the country. He is also known for the active promotion of blockchain technology and advising large organizations on how they can benefit from the use of blockchain technology. He was able to do all these due to his role as the chair of the Liberal Democratic Party’s IT Strategy Special Committee.

He has also been credited for the drafting of the Japans basic Cybersecurity law, which was enacted in 2015.

Crypto Exchange Hacks in Japan

Recently it was reported that a Cryptocurrency exchange based in Japan, Zaif was hacked and about 5900 BTC was stolen. The company reported that about 40% of the BTC stolen belongs to it, while the rest belongs to its customers.

Although the exchange also made it known that other Crypto coin such as,

Bitcoin Cash and MonaCoin, was also carted away by these hackers. The exchange is still yet to determine how much of other Cryptocurrency was also stolen. As of now, customers of the exchange cannot access their accounts as deposits and withdrawals are closed for now.

This hack has resulted in Japan tightening its cryptocurrency laws and increasing its oversight on Cryptocurrency and blockchain technology in general. Some experts have warned that this might lead to a major set back in the advancement the Japanese crypto scene has been enjoying. Therefore innovations are at risk of shutting down.

With the appointment of Hirai, someone who has what it takes to help drive blockchain adoption in the country to its pinnacle while still maintaining a safe, prosperous environment for all involved with the crypto market, Japan crypto industry will be receiving a great facelift