New Requirements For Crypto Exchanges in Japan

New Requirements For Crypto Exchanges in Japan

Japan's Financial oversight agency has called further regulatory requirements for local crypto exchanges.

As Cointelegraph Japan reported on Sunday, May 6, the Financial Services Agency (FSA) has just introduced a new five-point agenda for regulating the crypto exchange asphere. This sphere is rather problematic in Japan because of hacker attacks. The aim of new is to improve situation and to secure investors. FSA tries to do the best to prevent a repeat of January’s $532 mln hack of crypto exchange Coincheck. The event became the biggest and most serious hack accident during the whole history of the crypto society.

As FSA source said in interview to local news, the definition and prevention of potential risks was a real challenge for them. They noted that they plan to create a detailed review of registration documents concerning these platforms. After that, the Financial Services Agency will send inspectors with the aim of assessment the systems and protocols, and for checking compliance with the new requirements.

https://cointelegraph.com/news/japans-financial-watchdog-sets-out-new-requirements-for-crypto-exchanges


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