Great Interest In Japan’s Crypto Exchange Applications
190 – that number of cryptocurrency exchange license applications were delivered to the Financial Services Agency (FSA) of Japan. New Japanese companies want to enter the promising blockchain industry.
As we reported a few weeks ago, Japan crypto industry got self-regulatory status. The FSA granted that status and designated Japanese Virtual Currency Exchange Association (JVCEA) to control the transition. The JVCEA has to create a new anti-money laundering (AML) policy.
An anonymous FSA staff member told Cointelegraph that his organization received over 190 cryptocurrency exchange license applications.
In March, Financial Services Agency sent ‘punishment notices’ to seven cryptocurrency exchanges. Now, exchange platforms in Japan want to be checked and licensed to set higher standards for customer protection.
In August, the commissioner of the Agency said that the agency wished the crypto industry to “grow under appropriate regulation”. According to him, the FSA has “no intention to curb the crypto industry excessively”.
Japan tries to keep up with the growing of cryptocurrency and blockchain industry. In July, The Strategy Development and Management Bureau replaced the Inspection Bureau. The new organization was set up to develop a financial strategy policy and handle the issues addressing the digital currencies market, fintech, and money laundering.
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