PRESS CONFERENCE
Japan's Cryptocurrency Dream Fades
Mark Karpeles, Karpeles Lab Inc. CEO
11:00-12:00 Friday, October 11, 2024
Language: The speech and Q & A will be in English.
2024 marks the 10th anniversary of the collapse of Mt. Gox, once the world's largest cryptocurrency exchange. In 2014, Mt. Gox filed for bankruptcy with a loss of around 850,000 Bitcoins — then worth nearly $450 million. The event shook the cryptocurrency world, prompting Japan to introduce a legal framework to regulate the nascent industry. However, the nation's initial embrace has since cooled, with Japan ultimately stepping back from its vision of becoming a global cryptocurrency capital.
A decade later, former Mt. Gox customers are receiving partial reimbursements. Reflecting on the journey, former CEO Mark Karpeles notes, "The collapse taught us painful but necessary lessons about security, accountability, and transparency." Despite his controversial past, Karpeles has launched a new exchange, focusing on enhanced security and compliance, and is calling for a Moody's-like rating system for cryptocurrency exchanges to build trust and transparency.
Karpeles emphasizes that the cryptocurrency industry needs standards to prevent the mistakes of the past. "With a recognized and standardized rating system, akin to what Moody's does for traditional finance, we could vastly reduce uncertainty and increase credibility across the industry," he says. Ten years after the Mt. Gox disaster, the hope is that these lessons will pave the way to a more secure future.
How to attend:
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Professional Activities Committee