In light of the $305 million leak on the DMM Bitcoin platform, Japan is planning to strengthen internal audit mechanisms for financial institutions. The FSA regulator is organizing a roundtable with JVCEA in 2025.
JVCEA's Participation in the Roundtable
The Japan Virtual and Crypto assets Exchange Association (JVCEA) will participate in a roundtable organized by the Financial Services Agency (FSA) of Japan. The event, scheduled for January 25, 2025, aims to improve internal audits of financial institutions.
DMM Bitcoin Leak and its Implications
The incident at the now-defunct DMM Bitcoin platform resulted in a loss of $305 million in BTC. It is reported that the leak was caused by an employee opening a malicious social media message. This event is one of the reasons for holding the roundtable.
Regulatory Measures and Prime Minister's Stance
The roundtable will provide a platform to discuss security and monitoring of financial institutions. In addition to JVCEA, other organizations such as the Japanese Bankers Association will participate. Prime Minister Shigeru Ishiba remains skeptical of cryptocurrencies, despite growing interest in digital assets in the country.
Japan aims to enhance security in the crypto industry by organizing a national level discussion with leading financial organizations.
