Japanese Financial Regulator to Increase Crypto Exchange Inspections

Japan’s financial watchdog is reportedly planning to conduct more on-site inspections of domestic cryptocurrency exchanges.

According to a report from Japan’s Nikkei, the country’s Financial Services Agency (FSA) is looking to inspect several more cryptocurrency exchanges in the country starting as soon as this week, following its visits to Coincheck in the days after its recent major hack.

The plan comes as the agency seeks to push for stronger security procedures to be adopted by cryptocurrency exchanges in Japan in order to protect investors and to prevent such intrusions from reoccurring.

As reported previously, around $531 million-worth (at the time) of NEM tokens were stolen on Jan. 26 from the Coincheck exchange. That led to the FSA’s on-site inspection on Feb. 2 to gauge the platform’s security and financial ability to compensate victims, as it has promised…

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