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Cryptocurrency Exchange GMO Coin Announced Measures to Fulfill the Security Requirements of the Financial Authority of Japan

GMO Coin, a cryptocurrency exchange from Japan and part of the GMO Internet group from Japan announced a plan to improve the security levels of the company and thus conform to the regulations imposed by the Financial Services Agency (FSA) of Japan. The company also celebrated the opening of a new office dedicated to the audit of information and security of its clients’ data.

The FSA issued a series of orders and recommendations for the cryptocurrency exchanges in the country after concluding an emergency inspection of all the cryptocurrency exchanges in the country. The inspection occured after more than 530 million dollars were stolen from Coincheck in January this year, another cryptocurrency exchange operating in Japan.

GMO Coin is obligated to perform the necessary adjustments and comply to the regulations imposed by the FSA if it wants to continue providing cryptocurrency exchange services in the country. On the contrary, the company would lose its operation license obtained in September last year.

The cryptocurrency exchange tried to consider the most important security aspects before announcing the new plan. The company affirms the managing team analyzed and investigated the main causes of the problems in the system and formulated concrete measures to improve the system and solve the problems.

Likewise, GMO Coin plans on establishing a commercial management system and a contingency plan for possible system failures in the future. The application of these measures and the progress of the improvements will be communicated to the FSA on a monthly basis.

On the other hand, GMO Coin will inaugurate a new department called Group Information Security Audit Office. The role of this department led by Takeshi Miyazaki, a security expert, will be to strengthen the security of the information. This is what the official statement says: “GMO Internet will establish “Group Information Security Audit Office” to strengthen information security management and audit function in the whole group. A knowledgeable security expert will join our company. In addition, we will invite an external security expert as an adviser. Thus, we will protect important customer information from increasingly sophisticated cyber-attacks by our highly secured countermeasures and pursue to improve group information security literacy and foster security personnel.”

With the opening of the new office, GMO Coin is trying to improve the protection of the user data against cyberattacks.

GMO Coin is a relatively new cryptocurrency exchange on the Japanese market and its owner is one of the largest internet companies in the country – GMO Internet group. Since last year, the company has showed great interest in the cryptocurrency market, participating in the mining sector as well.

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