Japan’s Financial Services Agency (FSA) has released its 2024 monitoring report, emphasizing the need for robust internal audits across the financial sector, with particular attention to cryptocurrency exchanges.
In a press release dated December 26, the FSA announced plans to update its “Current Situation and Issues” guidelines, aligning them with international auditing trends. To advance these efforts, the agency will convene a “Roundtable on the Improvement of Internal Audits at Financial Institutions” in late January 2025.
The roundtable will feature representatives from the banking industry and the Japan Cryptocurrency Exchange Association (JCEA), whose members include major players like bitFlyer and Coincheck. While the FSA did not disclose specific agenda details, the initiative underscores its commitment to strengthening oversight in the rapidly evolving crypto landscape.
This announcement follows a significant cybersecurity breach involving Japanese crypto exchange DMM Bitcoin. Authorities revealed on December 23 that North Korean-linked hackers were behind the $307 million attack in May.
The investigation, conducted by Japan’s National Police Agency and the U.S. Federal Bureau of Investigation, identified the threat actors as part of the TraderTraitor group, also known as Jade Sleet, UNC4899, and Slow Pisces.
With the global rise in cyberattacks and the growing complexities of digital finance, the FSA’s latest measures signal a proactive approach to safeguarding Japan’s financial ecosystem.
Image Credit: Pixabay
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