Japan’s Finance Minister demanded to strengthen security measures on the cryptocurrency exchanges of the country

Japan’s Finance Minister demanded to strengthen security measures on the cryptocurrency exchanges of the country

Japan’s Finance Minister appealed to cryptocurrency exchanges to improve security measures after the break on the Tokyo stock exchange Coincheck, which was stolen cryptocurrency in the amount of $ 530 million.

Speaking to reporters after a meeting of the Cabinet Tuesday, Japan’s Finance Minister Taro ASO demanded to strengthen security measures on the internal cryptocurrency exchanges and urged regulators to “adequately control” the ecosystem for consumer protection. According to Reuters, ASO told reporters:

We are very sorry about the incident with Coincheck, which occurred on Friday.

The financial services Agency [the financial regulator of Japan] should be appropriately controlled cryptocurrency traders to protect users. We will try to find a balance between protecting users and innovation.

ASO has repeatedly criticized the excessive regulation of the cryptocurrency.

On Monday the FSA said that they will conduct an inspection of all cryptocurrency exchanges as well as ordered Coincheck to improve their cybersecurity standards.

Chtayte also Coincheck compensates kidnapped 523 million NEM to all affected users

As previously reported, the heads of Coincheck has admitted the fact of embezzlement of funds and the fact that it was their fault due to neglect of elementary rules of cyber security.

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