10 Japanese Cryptocurrency Exchanges along with Tokyo Police Unite to Fight Cyber Crime
Also read: Japan Increases Lead — Approves Another Four New Cryptocurrency Exchanges
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A few of Japan’s leading cryptocurrency exchanges signed an “arrangement on countermeasures from cybercrime” together with the Tokyo Metropolitan Police Department on Wednesday. This move is “in reaction to the increasing number of crimes targeting digital currencies on the internet such as bitcoin,” Sankei Shimbun described.
Growing Cybercrime Cases
The exchanges are Bitflyer SBI Virtual Currencies, Bitpoint Japan, GMO Coin, Coincheck, Bit Trade, Quoine, Bitbank, Btc Box, along with Money Partners. Each of the companies have been licensed by the Japanese Financial Services Authority (FSA) to legally operate as digital currency exchanges, except one — Coincheck. Japan bitcoin market by volume remains under inspection by the bureau.
Ten Japanese cryptocurrency inventories have signed an agreement with the Tokyo Metropolitan Police Department to collaborate to prevent cyber crime. Is that the variety of cybercrime cases including access to money laundering and online accounts along with growing bitcoin adoption in Japan.
10 Exchanges Collaborate
The Manager of Security Bureau of the National Police Agency (NPA) remarked, “Though the spread of virtual currency is remarkable, it is a sense of crisis when it becomes a crime; this arrangement is reassuring.” Digital currency deals face cybersecurity challenges such as prohibited transactions unauthorized access, and money laundering.
In order to prevent cyber crime, the exchanges agree to collaborate with one another and the Tokyo Metropolitan Police Department. Specifically, they agree to “mutual alliance, cybercrime reporting notification, criminal investigation cooperation, data sharing, [and] measures to prevent widespread damage,” Program Times detailed.
A November Cabinet Office poll of 3,000 individuals in Japan aged 18 and above shows “a growing number of individuals are worried about the effects of cyber-terrorism, unauthorized access to online accounts and other high-tech offenses,” the information socket detailed.
Bitflyer CEO Yuzo Kano remarked:
What do you think about Japan’s best cryptocurrency deals along with the Tokyo Police Department uniting to fight cyber crime?
“We want to take countermeasures by collaborating with relevant ministries and agencies as well as business operators,” an NPA official emphasized.
While the number of shops that can settle virtual currencies has increased, the number of offenses is increasing…we want to work hard to reduce damage.
Pictures courtesy of Shutterstock along with the Tokyo Police Department.