Every crypto-related person knows that Japan is the most favorable country to run any crypto-connected business, or exchange cryptocurrencies, or create a startup. However, exchanges, without exception, are to register themselves with special authority, namely Financial Services Agency (FSA), and comply to the requirements of the latter.
On Wednesday, October 23, FSA published a document stating that it gave the cryptocurrency industry a special self-regulatory status. This doc also allows the Japan Virtual Currency Exchange Association to penalize exchange for any possible violation.
A representative of FSA commented on this decision:
“It’s a very fast moving industry. It’s better for experts to make rules in a timely manner than bureaucrats do.”
FSA permits the industry to set its own rules and regulations, like security of users digital assets, AML policy, transaction guidelines, and control of meeting the requirements.
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