Bitcoin Exchanges and Their Users Can Now Get Insured in Japan

BitsPlan

Japanese Bitcoin exchanges and their customers will soon be insured for the first time thanks to a product launched by Tokyo-based insurance firm Mitsui Sumitomo Insurance.

As reported by the regional publication Nikkei, coverage will be offered against damages and losses borne out of breaches or hacks, ranging from 10 million yen to 1 billion yen (between $88,000 and $8.8 million approximately). Notably, coverage also includes losses incurred due to internal company mishaps and employee improprieties, a clause which BitPay is certain to favor following a theft of 5,000 bitcoins in 2015 due to a phishing attack. The bitcoin payments company is wrangling with its insurer which has refused to cover losses of just under 1 million, as a result of the theft.

Furthermore, the insurer will also pay for costs following an incident, such as communicating to customers in the scenario of a breach or dealing with damage suits brought on from other countries. As an example, Mt. Gox, the now-defunct Tokyo-based bitcoin exchange has seen lawsuits from Read more ... source: TheBitcoinNews

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