Financial regulator of Japan, the financial services Agency (FSA), announced the creation of a new division for monitoring of financial technologies and monitoring the development of the cryptocurrency market, including activities to combat money laundering.
The idea of establishing a Bureau of development and management strategy (SDMB) came a year after the FSA announced its intention to close its Inspection Bureau (IB), founded in the late 1990-ies to overcome the global financial crisis.
The new unit will replace IB by adding a new function into their activities. SDMB will now be responsible for conducting on-site inspections to detect illicit transactions.
It is expected that the Japanese crypto currency exchange and representatives of the financial services industry perceive with the understanding the last step of the FSA, as this will ensure a higher level of transparency in this sector.
Japanese FSA intends to exercise strict control over cryptomnesia
It is noted that cryptoprotection over the past few months has reached a fairly high level of institutional and normative recognition.
The official newsletter ACCJ Journal, noted the high level of regulation in Japan cryptocurrency industry than it was a few years ago during a break-in Mt. Gox. Now regulators focused on consumer protection in Cryptoprotected.
Last month the FSA has issued regulations to improve the business five licensed cryptocurrency exchanges operating in the country, ordering them to fix a number of problems in its internal systems.
These regulations were received by the exchanges BitFlyer, BitBank, Quoine, BITPoint Japan and BtcBox, which the regulator found a number of deficiencies in control systems, particularly in respect of measures to combat money laundering.
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