In an article published by asia.nikkei.com, Mitsubishi UFJ Trust and Banking announced that:
is preparing a scheme for protecting holders of cryptocurrencies if the exchanges they use fail -- a risk that veteran fans here know all too well.
This scheme will act as a safety net: you will be keeping your records in both places, on your exchange and with Mitsubishi UFJ Trust, and if the exchange fails, you will be reimbursed up to the amount last recorded. The service will incur a fee (not known at this moment) and it may be started as early as April next year.
I have mixed feelings about that: on one side protecting people from exchanges being hacked is an honorable thing to do, but keeping double ledgers is not very decentralized at all, and it may open the door to all kind of bad stuff. But given the fact that Japan took the biggest hit in the history of crypto, the collapse of Mt. Gox, in 2014, I can easily understand their concerns.
A better approach - at least for me - would be to encourage decentralized exchanges.
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