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Japan fleshes out crypto market rules to prevent Coincheck 2.0

Financial watchdog's tough new registration standards aim to promote compliance and protect customer assets

Operators of virtual currency exchanges in Japan will have to better protect customer assets and work harder to prevent money laundering.   © Reuters

TOKYO -- Japan's Financial Services Agency is imposing stricter review standards for cryptocurrency exchange operators that register with it, aiming to forestall another digital currency heist like the Coincheck scandal that grabbed headlines in January, Nikkei has learned.

"We need to introduce a new perspective in reviews of registrations," an official from the FSA said in a meeting this April. The registration process would go beyond mere documentation and include preliminary visits that make detailed investigations into how operations are managed.

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