Cryptocurrency Japanese Industrial Group Plans To Tighten The Rules On Management Of Assets After Theft

A group of operators of cryptocurrency exchanges plans to tighten self-regulation measures that should be taken into account when managing clients ‘ assets as a result of another incident with hackers in early September, informed sources said on Saturday.

According to sources, The Japanese Association of virtual currency exchange will set the maximum size of the number of digital currencies that are online. According to them, the ceiling can be from 10 to 20 percent of customer deposits.

The industry group will soon review the self – imposed rules developed in July and implement them after they are certified by the Financial Services Agency in accordance with the law on Payment Services.

In the recent case of hacking, cryptocurrency amounting to about 7 billion yen has been stolen from the exchange – managed Tech Bureau Corp. startup in Osaka.

The stolen funds were managed via the Internet, and about 4.5 billion yen belonged to customers.

The incident followed a similar case involving Coincheck, a major exchange from which 58 billion yen worth of cryptocurrencies were stolen.