Crypto Fraud and Legal Regulations: The Case of Japan

Year 2025, Volume: 11 Issue: 2, 857 - 878, 14.08.2025

Fazilat Mirakhmedova , Filiz Tepecik

https://doi.org/10.54699/andhd.1678631

Abstract

This study aims to examine the development of cryptoasset regulations in the context of crypto exchange hacking. In achieving this goal, the 2014 Mt.Gox bankruptcy and the 2018 Coincheck crypto exchange attacks in Japan, the home of cryptocurrency markets, were utilised. Both incidents exposed critical vulnerabilities in the crypto asset market and caused significant losses. Crypto-assets have not yet completed their development and legal regulations require global decisions and joint action by countries. These two challenges complicate regulation at the country level. Japan’s experience may serve as a valuable reference during this period in which countries across the globe encounter similar challenges. As elaborated in this study, after the attacks Japan has undertaken amendments to the Payment Services Act (PSA), implemented measures aimed at safeguarding investors, engaged industry self-regulatory organizations such as the Japan Virtual and Crypto Assets Exchange Association (JVCEA) and incorporated considerations of multilateral international dynamics into its regulatory framework. Consequently, Japan has increased its supervision of virtual asset markets in an increasingly comprehensive and detailed manner in the aftermath of the attacks.

Keywords

Japan Crypto Asset Regulations , Mt.Gox Attack , Coincheck Attack , Payment Services Act , Japan Virtual Asset Exchanges Association (JVCEA) , Law and Economics

Kripto Dolandırıcılık ve Hukuki Düzenlemeler: Japonya Örneği

Abstract

Bu çalışma kripto varlık düzenlemelerinin gelişimini kripto borsa saldırı ile birlikte incelemeyi amaçlamaktadır. Bu amaca ulaşmada kripto para piyasalarının öncü ülkelerinden Japonya’da yaşanan 2014 Mt.Gox’un iflası ve 2018 Coincheck kripto borsası saldırılarından yararlanılmıştır. Her iki olayda kripto varlık piyasalarının kritik güvenlik açıklarını ortaya koymuş ve önemli kayıplara neden olmuştur. Kripto varlıkların henüz gelişimlerini tamamlamamış olması, hukuki düzenlemeler için küresel kararlar alınması ve ülkelerin ortak hareket etmesini gerektirmesi, ülke düzeyinde regülasyonu zorlaştırmaktadır. Bütün ülkelerin benzer sorunlarla yüzleştiği bu dönemde Japonya’nın deneyimi yol gösterici olabilir. Makalede tartışıldığı gibi Japonya saldırılar sonrası Ödeme Hizmetleri Yasası’nda (Payment Services Act–PSA) değişiklikler yapmış, tasarruf sahiplerini korumaya çalışmış, Sanal ve Kripto Varlık Borsaları Birliği (The Virtual and Crypto Asset Exchange Association–JVCEA) gibi sektörün içinden düzenleyici kurumlar oluşturmuş ve küresel çok taraflı etkileri dikkate almıştır. Sonuç olarak saldırılar sonrası Japonya sanal varlık piyasaları üzerindeki denetimini giderek daha kapsamlı ve detaylı bir şekilde artırmıştır.

Keywords

Japonya Kripto Varlık Düzenlemeleri , Mt.Gox Borsa Saldırısı , Coincheck Borsa Saldırısı , Ödeme Hizmetleri Yasası (PSA) , Japonya Sanal Varlık Borsaları Birliği (JVCEA) , Hukuk ve Ekonomi

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