According to reports in the Nikkei Asian Review, the Japanese Mitsubishi UFJ Trust and Banking organisation is planning to launch a new service which will offer protection to its customers who hold cryptocurrency if the exchanges they use suffer a cyber attack or cease operating.

If customers opt into the protection scheme, Mitsubishi UFJ will match records using data from the exchanges. If for whatever reason an exchange fails, the bank will offer compensation for any losses calculated using the matched exchange records they hold. To benefit from this protection requires customers to pay a fixed monthly fee. However, it is believed that the peace of mind such a service will bring to investors, could make it highly attractive.

Japan is one of the global leaders in cryptocurrency regulation and investment. However, Japanese investors have been heavily hit in the past following the closure of cryptocurrency exchanges. In 2014, the country’s Mt. Gox exchange was shut down following a cyber attack in which 850,000 bitcoins were stolen from users wallets.

It is believed that the Mitsubishi UFJ protection product will be launched in April 2018, by which time the Japanese Financial Services Agency is due to have recognised cryptocurrencies as assets that can be placed in trust.