The Japanese Financial Services Agency (FSA) has received some 190 applications for cryptocurrency exchanges, reports crypto media outlet Cointelegraph citing an unnamed source from FSA staff on December 28.
The local crypto industry in Japon has the self-regulatory status from FSA. Here the Japanese Virtual Currency Exchange Association (JVCEA) is responsible for overseeing these affairs. The association is currently expected to roll-out anti-money-laundering laws as well as develop guidelines for cryptocurrency exchanges.
Following a hack on the exchange Coincheck in January it received two business improvement orders from the FSA.
Most of these orders are regarding the security of customers and anti-money-laundering measures.
Adhering to their stance in March they sent “punishment notices” to seven cryptocurrency exchanges.
In a statement from August, the commissioner of FSA wished the crypto industry to “grow under appropriate regulation.” adding that the agency has “no intention to curb [teh crypto industry] excessively.”
With the growing ground of crypto industry in Japan, FSA is also going through the stage of change as just in last July, in a major overhaul for a better deal with the fintech related firms, including cryptocurrencies.
Following the introduction of regulation which required crypto exchanges to report suspicious activities in transactions, the Japanese National Police Agency (NPA) reported an increase in the number of such reports. As per the NPA data number of such report between the month of January and October stands at 5,944.