Trading news

The effect that 60 million USD cyber attack will have on Japanese cryptomarket

The effect that 60 million USD cyber attack will have on Japanese cryptomarket
Sep 21, 2018 by Rico Wise

According to the reports from the local media outlets, an anonymous group of hackers had stolen 6.7 billion yen’s worth of digital currency, of which 2.2 billion yen accounted for corporate funds, and the remainder constituted customer funds.

The firm accountable for Zaif, Tech Bureau, has promised the users of the cryptoexchange that every financier who fell prey to the cyber attack will be compensated in digital currencies. Because the scale of the cyber attack suffered by Zaif was so large, the cryptoexchange has made a deal with Fisco, a financial market research company located in Tokyo, which provided the firm with 5 billion yen in exchange for majority stake of the project.

In the mid-spring of the previous year, the Japanese FSA introduced sever regulations to control the cryptoexchanges, including the establishment of a domestic licensing program, the requirements of which demanded the cryptotrading networks to apply for a license in order to receive green light for domestic operations.

The FSA has recently revealed its intentions to enlarge its cryptocurrency task force to manage a big number of license filings that are to be submitted by the end of the year. Over 150 firms are already aiming to submit their applications to run as regulated cryptoexchanges in Japan.

With the cyber attack encountered by Zaif, the FSA will have to engage in a more active collaboration with cryptoexchanges, which is going to lead to the involvement of the governmental authorities in the management of internal and security systems of cryptoexchanges to make sure that the money of financiers are safe.

Additionally, subsequent to the cyber attack, the FSA will most likely impose stricter requirements for the companies, applications of which are still under consideration.

Linked pages

Related news

Related companies

Tech Bureau is an internet and software development company based in Nishi-ku, Osaka, Japan
Rating
161 of 336
Exchange
Rating
125 of 336
FISCO is a professional group that provides superb investment support services
Rating
157 of 336
Japanese Financial Services Agency
Rating
302 of 336