The Financial Services Agency (FSA) - the financial regulator of Japan - has no plans to implement “excessive” control over the cryptocurrency industry. Japan was the first country to introduce formal regulatory measures for the market.
The regulator closely monitors crypto exchanges operating in Japan. The FSA issued the results of an inspection earlier this month, which concluded that new applicants will go through stronger vetting procedures.
According to local news outlet Nikkei, the FSA’s policy will be “to conduct further rigorous examination, such as confirming the effectiveness of the business plan and the internal management system on site with the registration applicant.”
At the same time, the head of the FSA told Reuters that they “have no intention to curb (the crypto industry) excessively. We would like to see it grow under appropriate regulation.”