Japan’s Coincheck to win regulatory nod for operations: source

TOKYO (Reuters) – Japan’s Coincheck Inc will win approval to operate as a licensed cryptocurrency exchange from the country’s financial regulator this month after improving its governance in the wake of one of the biggest digital money thefts earlier this year, a source told Reuters.

The source declined to be named because the decision has not been formally announced yet.

Coincheck could not be immediately reached for a comment.

Coincheck in March repaid about 46 billion yen ($409.51 million) to investors who lost assets in a $530 million heist, one of the biggest of digital money globally.

Coincheck, which had been operating on a provisional basis while regulators were considering its application for a license, has been ordered twice to improve its internal controls.

Monex, Japan’s third-largest online brokerage, in April completed a 3.6 billion yen acquisition of Coincheck, in the most significant move yet by a major financial company into Japan’s crypto industry.

Reporting by Takahiko Wada; Editing by Himani Sarkar

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