FSA Conducts On-Site Inspections Over Cryptocurrency Exchange Operators

FSA Conducts On-Site Inspections Over Cryptocurrency Exchange Operators

Cryptocurrency
February 16, 2018 by Bitzamp
344
FSA Conducts On-Site Inspections Over Cryptocurrency Exchange Operators According to Japan Times, Japan’s Financial Services Agency (FSA) will conduct on-site inspections of 15 cryptocurrency exchange operators in the nation that have filed for certification with regulatory authorities. The onsite inspection which followed the theft of about 58 billion worth of virtual currency NEM, from Tokyo-based
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FSA Conducts On-Site Inspections Over Cryptocurrency Exchange Operators
According to Japan Times, Japan’s Financial Services Agency (FSA) will conduct on-site inspections of 15 cryptocurrency exchange operators in the nation that have filed for certification with regulatory authorities.

The onsite inspection which followed the theft of about 58 billion worth of virtual currency NEM, from Tokyo-based cryptocurrency exchange operator. Aso warned customers of the firms to keep in mind that financial regulators are currently examining their applications for licenses.

The FSA also ordered all crypto exchanges in Japan to submit a risk management system report in the wake of the hack. 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.

Virtual currency exchange operators that launched services before the revised law went into effect and are yet to be registered are allowed, as a provisional measure, to conduct business during the registration process.
The cryptocurrency theft from Coincheck occurred while its registration application was under review.


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