Japan's Financial Regulator To Conduct Inspections Of 15 Unregistered Crypto Exchanges
February 16 2018 - 12:01PM
InvestorsHub NewsWire
February 16, 2018 -- ADVFN Crypto NewsWire -- Japan’s Financial
Services Agency (FSA) will conduct on-site inspections of 15
cryptocurrency exchanges that are currently awaiting registration
in the aftermath of the Coincheck hack, the local news
outlet The Japan Times wrote today, Feb. 16.
Japan-based crypto exchange Coincheck was hacked on
Jan. 26 and around $530 mln in altcoin NEMwas
stolen.
As part of
Japan’s legalization of Bitcoin (BTC) as a
payment method in April 2017, crypto exchanges must be registered
by the government. Crypto exchanges that had been operating in
Japan before April 2017 were allowed to continue operations while
applying for their registration, says The Japan Times.
Coincheck, which is unregistered but whose application was under
review at the time of the hack, was inspected by the
FSA after the hack on Feb. 2 to ensure user protection.
The FSA also ordered all crypto exchanges in Japan to submit a
risk management system report in the wake of the hack. After
receiving the reports from Japan’s 16 registered and 15
unregistered exchanges, the FSA ordered the on-site inspections of
the unregistered exchanges. Coincheck has already submitted
their report to the FSA on Feb. 13.
Financial Services Minister Taro Aso said that the on-site
inspections will pay particular attention to computer system safety
measures and the management of customer assets, reported The Japan
Times.
Author: Molly Jane Zuckerman
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