FSA: over-regulation is unfavorable for cryptocurrency
The head of the Japanese financial regulator (FSA) Toshihide Endo confirmed that the FSA does not intend to impose excessive control over the cryptocurrency industry as it is interested in its growth.
Toshihide Endo said: “we Have no intention of using harsh methods to restrain the industry. We would like to grow up under the relevant regulation”.
Japan was the first country to adopt an official regulation for cryptocurrency companies after the exchange Coincheck has lost more than half a billion dollars as a result of the hacking in January of last year. This has meant a move that has become a serious challenge for the exchanges, faced with a stern test.
FSA was very careful to follow all the exchanges operating in Japan, giving orders for the immediate upgrading and closing a exchange.
In early August the regulator published the results of several months of exchange of checks, concluding that the new exchange applicants will face more severe testing procedures than in the past. “It will be policy for further careful examination, such as the confirmation of the effectiveness of the business plan and internal control systems “, they reported on 10 August.
Endo gave a brief back domestic banks, telling them they “shouldn’t blame” the country’s Central Bank (BOJ ) for the low interest rates.
“They should not just sit and wait, while the Bank of Japan will change its policy. If everything is back to normal, if it will achieve higher interest rates? I don’t think so”, he added.