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New regulations on Japan crypto exchanges after Coin check hack

The Coin check has break-in so for preventing them so, that there should not be another heist “the Japanese regulators announced stricter regulations for crypto currency exchange”.

This summer the country’s Financial Services Agency has started to use new, rigid structure for registered crypto currency exchanges and will recommend discontinuing operations which failed to meet its new rules.

In interest for sustaining an evolving technology the government of Japan has primarily has recognized that virtual currencies are a valid form of payment.

In April the agency stated for registrations for crypto currency exchange is needed for new processes will extend beyond for simple certification which includes onsite investigations and how operations are managed.

Crypto currency exchanges will face more hard time on system management, as it will be having numerous passwords for currency values and it will be difficult for not storing currency in internet-connected computers. For preventing money laundering for customer’s verification and identification for major transfers. The exchanges need to have monitor customer account balances numerous times as to keep exchange assets separate from customer assets. To prevent from officers from using client funds the exchanges will also need to have rules in right place.

Because of Coin check theft the Japan’s financial regulator need to upraise its inquiry on crypto currency exchanges. The new types of crypto currencies should be registered as new rules will be implied on them. Money laundering for exchanges will not be allowed for high degree of invisibility.

The agency will have to investigate the visit the exchanges for passing the initial screening to examine and verify the number of employees and their operations.

Feeling our way through the dark on how thoroughly we should check these different aspects,” an unnamed agency source said. This new system will able to identify risks and will conduct detailed assessments.

In January, Coin check succumbed to a record-setting hack that saw the attackers make off with $530 million worth of NEM tokens (XEM), raked in 62.6 billion yen ($573 million) in revenue, against just 8.8 billion ($8.1 million) in ordinary operating expenses.

 

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