The Japanese authorities introduced new requirements for cryptocurrency exchanges

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The financial services Agency (FSA) of Japan has adopted new requirements for cryptocurrency exchanges. The Agency now will evaluate the professionalism of the management companies and check out the shareholders on the subject of their relationship with antisocial groups.

To assess the professional qualities of the administration of the exchange, the FSA staff will regularly review the minutes of the meetings of the Board of Directors and to assess the effectiveness of measures aimed at reducing investment risks. In addition, will be conducted by financial inspection and monitoring of the security system.

After a hacker attack on the stock exchange Coincheck in January 2018, the Agency conducted a review of 23 cryptocurrency exchanges, in which irregularities were detected in the internal management of enterprises. Currently in Japan there are 6 licensed kryptomere, applications 3 companies (Coincheck, Lastroots and Everybody’s Bitcoin) for a license are pending.

A total of 160 firms are interested in working in the Japanese cryptocurrency market, however, not all will get permission from the financial regulatory authority, as the Agency continues to tighten regulations.

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