The financial services Agency (FSA) of Japan has increased the number of employees dealing with control over the cryptocurrency field, up to 30 people. Until the end of 2018, the Agency plans to send to the crypto Department of 12 specialists.
The decision of the leadership of the FSA on the development of staff in the first place due to the large number of applications for a license from cryptocurrency companies. At the moment, the Agency considers applications from 16 companies, with over 160 companies are going to get a license and prepared the necessary documents. The FSA rejected the application of only one cryptocurrency exchange, 12 companies themselves withdrew their applications and the final decision on the remaining three still pending.
According to statistics, this year the volume of financial assets on cryptomeria increased by 553% to $6.2 billion, however, the number of employees has not increased: more than 75% of exchanges consists of 20 people. Therefore, there is a situation in which each expert has at $30 million. Obviously, one person can not effectively control such a large sum of money, which can lead eventually to cracking of the platform and the theft of digital assets.
The first meeting of the cryptocurrency division, the FSA took place in April 2018. The Agency took the decision to create a digital Department after a hacker attack on the stock exchange Coincheck in January of this year. The financial Supervisory authority has intensified its scrutiny of trading virtual currencies in order to protect the rights of traders and prevent money laundering.