The Financial Services Agency has published its 2024 monitoring report, urging better internal auditing and stricter scrutiny of crypto exchanges.
Japan’s financial regulator has called for stronger internal audits across the financial sector, highlighting the need for better oversight, particularly for crypto exchanges.
In a December 26 press releaseThe Financial Services Agency said it plans to update its “Current situation and issues”, bringing new auditing measures to comply with international trends. As part of its efforts to strengthen auditing standards, the FSA will also hold a “Round Table on Improving Internal Auditing in Financial Institutions” at the end of January 2025.
In the press release, the FSA revealed that the roundtable will include representatives from the banking sector and the Japan Cryptocurrency Exchange Association, which includes members such as bitFlyer and Coincheck. No further details have been shared, however.
The latest initiative also comes shortly after the Japanese police revealed that hackers affiliated with the North Korean regime are likely behind the $307 million attack on Japanese crypto exchange DMM Bitcoin.
In a December 23 press release, the Federal Bureau of Investigation, alongside Japan’s National Police Agency, revealed that the hack, which occurred in May, is linked to cyber actors of North Korea and is associated with the threat group called TraderTraitor, also referred to. such as Jade Sleet, UNC4899, and Slow Pisces.
