“We have to hold 100% of client assets (same kind and same amount) in cold wallets every day,” said Takaaki Kato, head of sales and trading at Bitflyer, one of Japan’s largest crypto exchanges. “If this is not met, we have to move crypto assets to cold wallets within five days by regulations, but we basically do this within 24 hours. Client fiat assets are in a trust bank, etc., with periodic reporting to regulators as well as publicly disclosed quarterly – so could be easily checked.”
Japan’s Crypto Revival: As Other Nations Hesitate, Japan Embraces Web3
