Liquid Staked ETH (lseth) 
Japanese Financial Regulator Calls for Enhanced Oversight of Crypto Exchanges
The Financial Services Agency has released its 2024 monitoring report, urging better internal audits and closer scrutiny of crypto exchanges. Japan’s financial regulator has called for stronger internal audits across the entire financial sector, highlighting the need for better oversight, especially for crypto exchanges.
In a recent press release, the Financial Services Agency announced plans to update its “Current Situation and Issues” guidelines, bringing new auditing measures to comply with international trends. As part of its efforts to enhance audit standards, the FSA will also hold a “Roundtable on the Improvement of Internal Audits at Financial Institutions” in late January 2025.
Roundtable to Discuss Internal Audit Improvements
The roundtable will include representatives from the banking sector and the Japan Cryptocurrency Exchange Association, which includes members like bitFlyer and Coincheck. This collaborative approach aims to strengthen internal audits and improve oversight within the financial sector.
The latest initiative comes shortly after Japanese police revealed that hackers affiliated with the North Korean regime are likely behind the $307 million attack on Japanese crypto exchange DMM Bitcoin. This incident highlights the need for enhanced security measures and closer scrutiny of crypto exchanges.
Recent Hack Linked to North Korean Cyber Actors
A joint investigation by the Federal Bureau of Investigation and Japan’s National Police Agency revealed that the hack, which occurred in May, is linked to North Korean cyber actors and is associated with the threat group known as TraderTraitor, also referred to as Jade Sleet, UNC4899, and Slow Pisces.
As the crypto market continues to evolve, it is essential for regulators to stay vigilant and adapt to emerging threats.
To stay up-to-date with the latest developments in the crypto and financial sectors, follow Global Crypto News for the latest news and insights.
Tips for investors:
• Stay informed about regulatory developments and updates in the crypto sector.
• Be cautious of potential security risks and threats to crypto exchanges.
• Diversify your investment portfolio to minimize risk.
• Keep an eye on market trends and adjust your investment strategy accordingly.
