Recently, the Japanese financial watchdog, the Financial Services Agency (FSA), has warned four cryptocurrency exchanges operating in Japan to stop offering their services without proper licensing.
This move comes as the government of Japan is taking a more active role in regulating the cryptocurrency industry in the country.
The FSA has issued the warnings to the following four exchanges: Atom Trading, Bit Station, FSHO, and Raimu. According to the FSA, these exchanges have been operating without obtaining the necessary license to offer their services to Japanese customers. The FSA has demanded that they stop their operations immediately, and has given them a deadline of being within a month to do so.
In Japan, cryptocurrency exchanges are required to be licensed by the FSA in order to operate in the country. This is to ensure that the exchanges are operating in a safe and secure manner, and that they are properly monitoring their users’ transactions to prevent money laundering and other illegal activities. The FSA has been cracking down on unlicensed exchanges, and has even suspended the operations of several exchanges in the country over the past few years.
The FSA has also been increasing its oversight of the cryptocurrency industry in Japan, due to concerns about the potential for fraud and other illegal activities in the sector. The agency has been conducting on-site inspections of exchanges, and has ordered several to improve their security measures to prevent hacks and other attacks.
The FSA has stated that it will continue to monitor the compliance of cryptocurrency exchanges with Japanese regulations, and will take action against those that do not comply with the rules. The agency is also working on establishing new regulations for the industry, such as requiring exchanges to keep their customers’ funds in cold storage wallets to prevent hacks.
Overall, the FSA’s warnings to these four exchanges illustrate the agency’s commitment to regulating the cryptocurrency industry in Japan. As the popularity of cryptocurrencies continues to grow in the country, the FSA will continue to play a vital role in ensuring that the industry operates in a safe and secure manner.