Bitcoin in Japan – it’s an insured thing

Tokyo-based Mitsui Sumitomo Insurance is planning an insurance policy to protect Bitcoin exchanges and their customers. Coverage from 10 million to 1 billion yen will be offered against losses due to cyberattacks and other unauthorized access, as well as “mistakes and impropriety by employees”.

First Published by e-Forex News: January, 2017

Tokyo-based Mitsui Sumitomo Insurance is planning an insurance policy to protect Bitcoin exchanges and their customers. Coverage from 10 million to 1 billion yen will be offered against losses due to cyberattacks and other unauthorized access, as well as “mistakes and impropriety by employees”. Monthly transactions at Japan’s bitFlyer exchange now exceed 100 billion yen; Japanese research firm Seed Planning predicts (in August 2016) that total Bitcoin transactions at exchanges that accept orders denominated in Japanese yen will quadruple between 2016 and 2017.