The Financial Services Agency (FSA) of Japan does not plan to impose bans on digital assets. The watchdog strengthens control over crypto exchanges, but does not impose strict requirements on the industry as a whole. Toshihide Endo, commissioner of FSA, said this in an interview.
He said that the Japanese government wants the crypto industry to develop with proper regulations. At the same time, the authorities of the country do not plan to impose any prohibitions and restrain the market.
WHY IS IT IMPORTANT?
- Japan became the first country in the world to establish rules for monitoring the cryptocurrency market. The financial regulator began a hard check of trading platforms after hackers stole more than $520 million from the Coincheck exchange in January.
- Earlier, the Japanese financial regulator also published the results of the verification of crypto exchanges. FSA is licensing local trading platforms in order to make them safer for investors.