Japanese regulator presented the results of the validation kryptomere

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Japanese regulator presented the results of the validation kryptomere

According to the results of the inspection of local cripture, the financial services Agency of Japan came to the conclusion that it is necessary to toughen requirements for new trading venues.

According to the report, it is necessary to toughen requirements for cryptocurrency exchanges that intend to obtain a license for operations. FSA will conduct a site inspection of such companies, and closely examine the efficiency of their business models. These agencies indicate that at present the consideration of their applications are expecting “hundreds” of companies.

In addition, the FSA concluded that the development of infrastructure cripture and the effectiveness of their internal control systems are not keeping pace with the rapid growth of transaction volume and dynamics of the market as a whole. According to the Agency, the total cost of scriptaction local stock exchanges amounted to 792,8 billion yen (7.1 billion dollars). Over the past year this indicator exchanges increased by 6 times. The number of staff in most marketplaces does not exceed 20 people. This means that on average per employee have cryptocurrency assets worth 3.3 billion yen (29.7 mln dollars).

The regulator also identified some of the problems associated with the peculiarities of the business models of exchanges. Emphasis was placed on risk management, corporate governance and internal audit systems. At the same time, the Agency expressed
concern at the insufficient measures to combat money-laundering (AML).

According to local news Agency Nikkei, stock exchange operators, is likely to be resumed after the publication of this report. We will remind, process has been suspended due to hacking cryptocurrency exchange Coincheck.

In July, the Agency announced that could change the legal basis for the regulation of cripture, while giving orders for the improvement of FINTECH and cryptocurrency companies.

Meanwhile, an application to the FSA for registration as a “certified Association business financial statements” filed by the Association of cryptocurrency exchanges Japan (JVCEA) to have the ability to set rules for participants in the cryptocurrency market.

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