Japanese financial services Agency (FSA) inspection of cryptocurrency exchanges stated that maintenance of the internal systems of the exchanges has not matched the growing pace of the market, the volume of which during the year reached the level in 792,8 billion yen ($7.1 billion), showing an increase of 6 times. Thus, based on the number of employed in cryptomeria staff, and the average is 20 people per company, per employee have assets of 3.3 billion yen ($29,7 million).
The regulator has identified problems in the risk management and compliance, business models, conducting internal audits, establishing corporate relations and counteraction against laundering of illegally acquired money.
On the basis of the findings the FSA has decided to tighten requirements for new cryptomerias who wish to obtain a license of the financial regulator, continue to carry out site inspection and assess the effectiveness of their business models in the early stages of operational activities of companies, putting priority to the protection of investors.
Recall that in July, the FSA has denied rumours that it is considering changing the legal base for the regulation of cryptocurrencies and previously sent requirements to improve business six licensed cryptomeria.