Japan States New Crypto Regulation

Japan States New Crypto Regulation

Japanese regulator published information on crypto rules and regulations. More than 100 companies are going to register their crypto-related activity

On September, 12, the principal Japanese regulator FSA published information on current crypto regulations. According to the latest data, only three companies dealing with crypto exchanges have passed the FSA’s inspections. Now the FSA is checking the report of Coincheck and going to carry out on-site inspections.

According to Kiyotaka Sasaki, the most serious problem is dealing with new operators as more than 100 companies are planning to register crypto transactions. Today, only thirty personnel control crypto exchanges and review applications, and if new companies enter the crypto market, the Agency will need more workforce to perform these duties and promptly respond to operators’ requests.

YasunoriOkuyama explained the self-regulatory rules set out by Jvcea concerning notifications to the association, asset management and additional restrictions on margin trading. These restrictions are aimed to diminish the risk of loss of traders and market speculation. Another rules concern ICOs, trading rules and AML measures. According to the association, some of the rules will come into force at an early stage while others make take more time to comply.

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