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Japan’s financial watchdog, Financial Services Agency has already laid out another set of regulatory stipulations for the country’s domestic cryptocurrency exchanges. These rules apply to existing exchange operators as well as new ones applying for registration for the first time. On-site inspections will be conducted on all exchanges prior to approval.
Official reports state that the regulator wants to intensify its efforts in order to prevent the infamous January incident. It was none other than the $532 million hack of cryptocurrency exchange called Coincheck, which was by far the biggest single exchange hack in the history of cryptocurrency.
An FSA source told local news outlet Nikkei Asian Review that identifying potential risks in advance has been a challenge for the watchdog. The source reportedly told Nikkei that “without the necessary know-how, w...
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