Japanese Regulator Received 190 Crypto Exchange License Applications

In the latest cryptocurrency news, we have the Japanese Financial Services Agency (FSA) and a number of even 190 cryptocurrency exchange license applications that this regulator has received. According to an unnamed FSA staff member, the FSA has given the local crypto industry a self-regulatory status and with that certified the Japanese Virtual Currency Exchange Association (JVCEA) to oversee the place.

The JVCEA is currently expected to develop some anti money laundering (AML) standards providing guidelines to the crypto exchanges. From what we know so far, such a license was recently granted to the cryptocurrency exchange Coincheck, after which it was hacked and received two business improvement orders from the FSA, which were focused on setting higher standards for customer protection and AML measures.

According to the commissioner of Japan’s FSA and his statement in August this year, the agency wished the crypto industry could “grow under appropriate regulation” but the also has “no intention to curb the crypto industry excessively.”

As the crypto and blockchain industries are growing in Japan, so is the FSA which recently went a major overhaul in order to deal with the fintech-related fields – including cryptocurrencies – in a better way.

Right now, the Strategy Development and Management Bureau is looking to develop a financial strategy policy and handle issues that address the digital currency market, fintech, as well as the money laundering space.