Japan hardened the registration of cryptocurrency exchanges
The FSA will seek to have greater control in relation to the verification in order to avoid illegal acts or scams
According to recent information the Financial Services Agency of Japan (FSA) reinforced the revision for the registration of cryptocurrency exchanges in the Asian country, in order to have a better verification in terms of risk management.
The Asian nation is considered one of the largest in terms of cryptoactives exchange activity and the use of electronic currencies, which has caused it to become victim of multiple cyber attacks that have left millionaire losses for the users.
Since a year ago, the FSA is working on hardening the regulatory framework of the market with the aim of having more preventive measures and thus avoid scams.
Everything raised by this agency has already been applied to both new exchanges and to those already established in the Japanese market.
The current registration process for the exchange platforms will be carried out under the regulations established by the revised payment services law that came into force in April 2017 and which main intention is the protection of the user concerning cryptocurrencies.
Also, the Financial Services Agency will participate in the monitoring of the decisions made by the boards of directors of the different exchange houses, in addition to the revisions of the shareholders’ structures.
K. Tovar
Source: Japan Times
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