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The FSA raided Coincheck's office on Feb. 2.

Japan plans more raids on virtual currency exchanges

Stronger oversight seen prompting operators to focus on consumer safety

Nikkei staff writers | Japan

TOKYO -- Japanese regulators look to raid multiple virtual currency marketplace operators as soon as this week following the massive hack of Coincheck, hoping more intense oversight will prompt these businesses to take stronger security and consumer protection measures.

Coincheck is one of 32 companies that operate virtual currency exchanges in Japan. Only 16 of those are formally registered with the Financial Services Agency as required under a law that took effect in April 2017. The other half, including Coincheck, have been allowed to continue operating before registering because they predate the law.

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