Japanese regulators increase oversight of cryptocurrency exchanges

Financial regulator of Japan plans to conduct more inspections of cryptocurrency exchanges in the near future. According to the report Nikkei, the financial services authority (FSA) plans to check on a few cryptocurrency exchanges, starting this week, after searches
in Coincheck that followed the break-in
site in late January of this year.

Check – part of a plan to implement more stringent security procedures that should be adopted cryptocurrency exchanges Japan to protect investors and prevent cyber attacks.

As previously reported, on 26 January, the exchange Coincheck has been kidnapped NEM tokens on 531 million (at the then exchange rate). This led to the fact that on 2 February, the FSA raided the offices of the exchange, to assess the safety and the financial ability of the platform to compensate victims, as promised
its representative.

The FSA said that warned the exchange of the loopholes in the security system before the break-that also explains why Coincheck has not yet received formal approval of the Agency. In the message, the Nikkei further explains that although the cryptocurrency business is rapidly growing in Japan in terms of overall market growth, many platforms have lagged in terms of security.

According to the report, among operating in the country 32 of cryptocurrency exchanges, Coincheck is currently one of the 16 platforms that are not officially registered in the FSA since it began its work before the law of the crypto currency came into force in April last year in Japan.

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