The Japanese government said today that inspections will take place at 15 unlicensed cryptocurrency exchanges in light of a recent major hack.
According to the Japan Times, the country’s financial services minister Taro Aso said at a news briefing that on-site inspections will take place at the exchange providers that have filed for licenses but not yet been approved.
The move comes after the Coincheck exchange lost NEM tokens worth $533 million at the time in a major breach in late January.
The minister indicated the inspections will examine the exchanges’ technical safety procedures and management of users’ funds, the report indicates.
The country’s financial watchdog, the Financial Services Agency (FSA), had previously ordered all the licensed and unlicensed exchanges in the country to report on their security protocols and resistance to hacking in response to the Coincheck theft. The FSA has…