Japanese FCA introduces new rules for holding funds in cold wallets of exchanges

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Japanese financial regulator FSA now requires exchanges to increase internal control over cold cryptocephalinae not connected to the Internet. According to FSA, the data cold cryptococal have a high risk of being subjected to internal cracking, because the individual exchanges do not offer the compliance policy, in accordance with which the person responsible for these wallets to hold funds that are regularly tested.

The need to comply with the highest possible level of security

Increasing requirements for compliance with this policy controls on the cryptocurrency exchanges as well as other rules already previously established across the country, the FSA seeks to address the issue of compliance with the highest level of security, as intends to encourage the successful development of the FINTECH industry to help economic growth of the country.

In March of this year, with a new, more stringent rules for kryptomere in the country, Japan issued licenses to two more cryptomeria, which got the green light to start operations with cryptocurrencies.

In Japan, for permission to work, required to undergo a special licensing process, mandatory for all new kriptonite wishing to carry out trading activities. However, the FSA exercises due diligence before approval of the license by each of the exchanges, to prevent situations such as burglary Coincheck, which cost investors more than half a billion dollars in January 2018.

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