The Financial Services Agency of Japan (FSA) has issued an operating license to the Coincheck cryptocurrency exchange, Nikkei Asian Review reports. The regulator will make an official announcement about this before the end of the year.
Coincheck was hacked in January of this year, when over $ 500 million in NEM cryptocurrency was stolen from. Following this, the FSA has initiated a large-scale verification of cryptocurrency exchanges in the market under its control.
While the license is a prerequisite for the provision of cryptocurrency exchange services in Japan, the FSA has tightened requirements for applicants amid recent events. As of mid-October, 160 companies were expecting a response from the regulator, and today there are already about 200, reports the Nikkei.
Following the incident, Coincheck received two orders on its platform to improve operational processes, protect customers, and counter money laundering. In mid-April, the exchange was bought by the brokerage company Monex Group.
According to the Nikkei, the FSA re-assessed protective measures and other critical Coincheck systems and found that they were improved enough to justify issuing a license to the company. Among other things, the exchange made adjustments to the list of cryptocurrencies represented on its platform and compensated for the losses of users.