Japanese financial authorities inspect digital currency exchanges

Friday 9 February 2018 09:53 CET | News

Japan`s financial regulator has begun on-site inspections of multiple digital currency exchanges to check their risk management systems.

This action follows a massive theft of digital money worth 58 billion yen (USD 533 million) from Coincheck. On Friday, January 26, Coincheck, a large Japanese digital currency exchanges, was hacked, with USD 534 million worth of virtual assets lost in the attack. Moreover, the agency decided to inspect the operators after looking into Japanese digital currency exchanges reports.

In Japan, there are 16 registered exchanges and another 16 exchanges awaiting approval, the latter including Coincheck, according to the FSA. Exchange operators are required to register under the revised funds settlement law which took effect in April 2017. Furthermore, all exchange operators in Japan, both registered and those awaiting approval, are compelled to report to the Financial Services Agency on how they manage risks to protect customer assets.

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Keywords: cryptocurrency, crypto, Japan, cryptocurrency exchanges, Coincheck, FSA
Categories: DeFi & Crypto & Web3
Countries: World
This article is part of category

DeFi & Crypto & Web3