The main regulatory body in Japan concerning cryptocurrency-related activities, the Financial Services Agency (FSA), is apparently looking to beef up the policy of the country’s cryptocurrency exchanges and wallets. As the latest cryptocurrency news show, the FSA wants to revise even more laws and bolster the competition with its overseas authorities.
As seen in a report from the Japanese media outlet Crypto Watch, FSA is featured as the regulatory body in Japan which expressed a strong desire to work with the self regulatory Japan Virtual Currency Exchange Association (JVCEA) which is a group that comprises all of Japan’s FSA-licensed exchanges and several powerful pro-crypto business players.
As the FSA stated in the altcoin news, it will look to conduct more often and strict checks and monitor the cybersecurity systems found in the exchanges – mostly because of the devastating Coincheck hack in 2018 which led to more than $530 million being stolen. in addition to this hack, the FSA also pointed to the BITPoint hack which took place earlier this year.
Still, the FSA noted that it wants to work with the JVCEA on the new monitoring measures. The regulatory body with this indicated that the agency is developing a big degree of trust in the country’s exchanges. In addition to this, the FSA noted that wants to join forces with the JVCEA and say breast of the latest market and technological developments in the industry.
The regulatory body has previously called on G20 nations to help and compile an international database of crypto regulatory bodies. Therefore, it wants more communication between the global regulators on the crypto-related matters.
On top of this, the agency noted that it will hold a second round of workshops on cryptocurrency policy this year. Even though there is no firm date for these events, the first round of talks saw changes made to two laws and new cryptocurrency derivatives regulations were introduced when cryptocurrencies were legally renamed as “crypto assets” in the country.
The agency and regulatory body was featured in the coming altcoin news and noted that it will call on international and domestic business leaders to join lawyers and politicians at the policy-forming workshops.
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