The Financial Services Agency of Japan conducted a study to determine the state of the country’s cryptocurrency business. This is written by Bitcoin.com.
The agency found out that eight “recognized dealers” want to withdraw their applications for registration as an operator of the cryptocurrency exchange. According to Japanese law, “recognized dealers” can deal with the exchange of cryptocurrency, while their applications are considered by the regulator.
“Eight acknowledged exchanges of virtual currencies have expressed a desire to withdraw their applications for registration. One company confirmed that it does not fall under the classification as an exchange of virtual currencies,” the ministry said.
The regulator also said that about 100 companies reported their desire to enter the cryptocurrency sector: “Various companies intend to enter the cryptocurrency area (about 100 companies) for the first time.”
These include Cyberagent, the operator of the Abema TV Internet channel and the largest online advertising service in Japan.
Last year, the company founded the Cyberagent Bitcoin division and announced its intention to open a cryptocurrency exchange, but later had to reconsider its plans in light of the cracking of the Coincheck exchange.
President and CEO of Cyberagent Susumu Fujita said that now the entry [into crypto-space] is very slow. The Financial Services Agency’s Exam becomes serious.
He also added that the company will develop its own system to reduce risks, so its entry into the crypto space is postponed. According to the news, Cyberagent, however, is considering the possibility of issuing its own cryptocurrency.
The regulator also spoke about the administrative penalties that were imposed on the crypto exchange. Five exchanges were ordered to cease operations, another seven, with the exception of Coincheck – about improving practices. In total, 14 orders were issued: one on January 29, seven on March 8, three on April 6, one on April 11, one on April 13, and one on April 25.