The concerns regarding the security of cryptocurrency have been increasing as Japan is facing some real hack issues. Last year in Japan due to stealing of Bitcoin, Bitcoin cash, and Monacoin from the exchange in the hack, a total of over six and a half billion yens (6.7b) loss was reported.
A similar incident of the hack was reported in mid- March 2018, an 18-year-old has stolen about 15 million Yen of cryptocurrency after the installation of a special device in a smartphone.
These incidents are evident that to provide proper regulation and security to the cryptocurrency market is an important parameter to be considered by the companies.
Initiatives Taken by Fiasco Digital Assets Group
Japanese companies are striving to reduce hack issues in order to curb the problem of security in cryptocurrency. The transfer of cryptocurrency exchange business from Tech Bureau to Fiasco Digital Asset Group (FDAG) by Zaif would be implemented by April 22.
This would be helpful as FDAG aims to provide financial assistance to Tech Group for their losses. They announced to donate 5 Billion Yen to Tech group and also gained major company shares.
This initiative was taken as a part of a plan to compensate who lost Monacoin in the hack after the sale of the business. The users will be given with 60% crypto and 40% in fiat currency. The expected rate of compensation will be 144.458 Yen per Mona. This plan would be made applicable by April 23.