Japan FSA Seeks Regulation on Cold Wallet!
According to Reuter’s report on 17 April, Japan’s Financial Services Agency (FSA) planned to introduce a new rule for cold wallets storing cryptocurrencies in crypto exchanges.
Cold wallet is regarded as a better option to store cryptocurrencies than hot wallet as they are not exposed from online hacks. However, the FSA identified that cold wallet can be exposed to risks of internal theft as there are no policies among crypto exchanges on person being responsible for storing crypto in cold wallets.
FSA had approved licenses to the 2nd crypto exchange in March. The licensing scheme has a long waiting list, which somehow is a reaction to the Coincheck’s hack back in January 2018.