The new head of Japan’s Financial Services Agency (FSA) declared about the necessity of maintenance height cryptocurrency industry in a country and releasing from regulation cryptocurrency exchanges.
Toshihide Endo, appointed by the head of the Japanese regulator FSA, Reuters reported, that FSA “aims to attain balance” between defence of investors and height innovations, prohibitive measures can prevent that for cryptocurrency exchanges:
“WE HAVE NO INTENTIONS TO EXTENDLY LIMIT THE [CRYPTUAL-SOLUTION SECTOR]. WE WANT TO SEE IT GROWTH WITH GOOD REGULATION “
Japan one of the first countries took a proactive position in relation to the cryptocurrency regulation, becoming the first where bitcoin recognized as a legal mode of payment. Also in the country, the regulator issues licenses for the operation cryptocurrency exchanges.
When it became known that Nobuchika Mori would leave his post as head of the department, many participants in the crypto community noted his commitment to new technologies. Joseph Young noted in June:
“THE ADVANCED APPROACH OF THE SEA AND THE WHOLE FSA ALLOWED JAPAN TO DEVELOP THE WORLD’S CRITICAL AND CRITICAL MARKET EASILY DISCOVERED US AND SOUTH KOREA”
However, while in China and Korea the volume of non-cash payments is more than 50%, in Japan it is still at a modest level of 19%. Therefore, trying to close the gap and following the example of Sweden, the authorities of the country are considering the possibility of refusing cash to solve a number of economic problems and placing them on innovations in the Finnish industry.
The Financial Services Agency of Japan started inspecting cryptocurrency exchanges and reviewing their registration rules in April, after breaking into Coincheck, which stole $ 530 million. For example, at the end of June, the department issued an order obliging a number of the country’s exchange offices to improve AML / KYC standards and internal audit, based on the results of inspections of trading platforms.
Also earlier this month, we reported that the self-regulating Japanese Association of Cryptocurrency Trading (JVCEA) applied for a license from a certified business association in the FSA. JVCEA was formed in March by 16 registered in the FSA Japanese stock exchanges to create guidelines for the management of trading cryptocurrency platforms and restore confidence in the industry after the major hacking of the Tokyo Stock Exchange Coincheck.