Japans 15 Cryptocurrency Exchanges to be Inspected - FSA

Japans 15 Cryptocurrency Exchanges to be Inspected -FSA.

15 unregistered Japan cryptocurrency exchanges to be inspected by Japan’s Financial Services Agency (FSA) after the Coincheck hack this report was made by The Japan Times on 16th February, 2018.

Japan-based crypto exchange Coincheck was invaded on Jan. 26 and around $530 mln in altcoin NEM was stolen.

Japan’s Financial Services Agency to inspect 15 Cryptocurrency Exchanges 

All 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. this new development was as part of Japan’s legalization of Bitcoin (BTC) as a payment method in April 2017.

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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 main purpose for the on-site inspections is to pay particular attention to computer system safety measures and the management of customer assets.

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.

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