Japan applies regulations for cryptocurrencies
The Financial Services Agency (FSA) will be responsible for applying all the regulations regarding digital currency
Japan awarded this week a new regulatory status to the cryptocurrency industry which will be handled by an external entity.
The entity in charge will be the Financial Services Agency (FSA), a Japanese government agency that is integrated by the 16 national currencies exchanges licensed.
The FSA gave the companies the tools to create guidelines for national exchanges, which also includes measures to prevent money laundering.
Japan seeks to have a self regulation for cryptocurrencies industry to avoid another case like the stealing of 530 million in digital currency against Coincheck.
“With the accreditation, we will continue to make additional efforts to create an industry in which can trust all those who use virtual currency“, the agency said in a statement.
The approval of the FSA comes at a time when the Japanese authorities are reviewing their own regulatory approach to the industry after two huge thefts to crypto exchanges this year.
K. Tovar
Source: CCN
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