The head of the financial services Agency of Japan (FSA) is responsible for regulation of local financial market, confirmed that his Department “does not intend” to present “excessive” requirements for the industry of cryptocurrency.
In a conversation with Reuters, Toshihide Endo said that despite the strengthening of control over the local bitcoin exchanges, the question of the adoption of a new wave of bans to curb the development of markets for digital assets a regulator is not considered.
“We do not intend to unduly restrict the industry of cryptocurrency”, he said. “We would like to develop with proper regulation”.
Japan became the first country in the world, setting the official rules for regulation of the cryptocurrency industry. After hacking the exchange Coincheck, which in January of this year had stolen more than $500 million in the cryptocurrency, the start of the FSA to monitor closely the activities of the cryptocurrency platforms on the domestic market, simultaneously issuing an Executive order on improving certain aspects of their activities and even closing some of them.
In August, the regulators published the test results of the cryptocurrency exchanges, conducted over several months, and resumed the process of registration of new trading platforms, promising to bring increased demands.
“The policy will be to further scrutiny, including proof of the effectiveness of the business plan and internal control systems during the live visit of the applicants”, — reported local news Agency Nikkei on August 10.