Coinbase Executive Director Positively Evaluated Japanese Regulators’ Activities


Taking into account the fact that the company is awaiting a license from Japanese regulators, the executive director of Coinbase positively assessed the activities of local regulators and their tough stance on how to evaluate cryptocurrency companies.

In his interview with the Nikkei Asian Review, published on October 10, Coinbase Executive Director Mike Lempres noted that negotiations with local regulators on obtaining a license are progressing successfully. He also noted that the special attention of regulators to security issues is a very positive aspect for the company.

As you know, earlier this year, the Financial Services Authority of Japan (FSA) revised the rules and tightened control over the work of cryptocurrency companies after Coincheck suffered from a hacker attack. Then, from the accounts of the company was stolen 532 million dollars.

It is worth noting that the regulator continues to tighten the rules for obtaining a license. Currently, about 160 companies are being tested and are awaiting licenses.

Lempres noted that “the Japanese government is more focused on security” in the cryptocurrency sector and stressed that this is a positive aspect for the company. He assured that the company intends to get approval from local regulators, adding:

“We are… committed to getting it done. It will certainly be in 2019.”

Despite this, Lempres said that another important question remained – whether the regulator would require Coinbase systems to operate in Japan. According to Lempres, this can significantly increase security risks. Also, he noted:

“We have everything built to protect our storage… in the U.S. We won’t do anything to even raise possibility of a hack. It would be hard for us to duplicate what we do in the U.S. today in Japan and other countries.”

Lempres assured that at the moment the company has a large staff of employees dealing with security issues of the exchange.

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