The financial services Agency (FSA) of Japan has issued regulations to improve business six licensed cryptomerias of the country. Among them was Quoine, Bitbank, BITPoint Japan, BtcBox, the Tech Bureau and bitFlyer.
Controller among other aspects, the internal rules of the exchanges have paid special attention to the improvement of risk management systems and procedures to verify the identity of customers.
As an example, the FSA has led the largest stock exchange of the country — bitFlyer. According to the Agency, the exchange did not create an effective control system “to ensure proper and reliable operation of the business” and took countermeasures to prevent money laundering and financing of terrorism.
In response to the injunction FSA bitFlyer has already announced a temporary restriction for opening of accounts for new users. The list of claims of the regulator to the structure of the control and safety systems of the exchange includes 10 points.
All six cripture is ordered, shall submit to the regulator a plan for measures to improve the business until July 23. Until then, until you have completed all the paragraphs of the regulations, companies will have the 10th of each month submit to the FSA an additional report.
Earlier this week it was reported about the intention of the regulator to direct the prescription of five licensed exchanges. Originally called the list of added sixth — Tech Bureau.
Tighter regulation of the cryptocurrency market in Japan has already led to the exit of the American stock exchange Kraken. In addition, two local exchange has closed on its own, and work FSHO stopped in its decision, the regulator — it was the first such case in Japan.