The Japanese Financial Services Agency (FSA) received 190 cryptocurrency exchange license applications, an unnamed FSA staff member told Cointelegraph Japan on Dec. 28.
The FSA has given the neighborhood crypto industry self-regulatory status, certifying the Japanese Virtual Currency Exchange Association (JVCEA) to manage the distance. The JVCEA is now expected to create anti-money-laundering (AML) policy and providing guidelines to crypto exchanges.
Since Cointelegraph recently reported, such a permit was recently allowed to cryptocurrency exchange Coincheck. Observing a hack on in the exchange in January, it acquired two business development orders from the FSA.
Those improvement orders were mainly concentrated on setting higher standards for customer protection and anti-money-laundering measures. The FSA delivered "punishment finds" to seven crypto exchanges in March.
The commissioner of Japan's FSA said in August that the agency wished the crypto sector to"develop under proper regulation." He further reassured that the bureau has"no intention to curtail [the crypto industry] excessive."
Since the cryptocurrency and blockchain businesses are growing in Japan, so too as the FSA. In July, the bureau experienced a major overhaul to be able to deal with genetic-related areas, including cryptocurrencies.
The Strategy Development and Management Bureau substituted the Inspection Bureau, and also will reportedly develop a financial plan policy and manage problems addressing the electronic foreign exchange marketplace, genes, along with money laundering.
The Policy and Trade Bureau will triumph the Planning and Coordination Bureau, and is tasked with creating a legal framework which addresses the rapid increase of this genetic business.