Japan Rebuilding Crypto Industry.
The FSA strengthened its rules after inspecting all quasi-operators and uncovered many inadequate security measures across multiple exchanges. Consequently, five companies have already withdrawn their applications and some exchanges were ordered to suspend operations. According to Jiji Press, the agency additionally revealed on Friday that another exchange, Campfire, is also “showing a willingness to withdraw its registration application.”
Some exchanges that have obtained licenses from the agency have also been inspected, including Quoine, Tech Bureau, and GMO Coin, the news outlet added. Tech Bureau and GMO Coin have already received business improvement orders from the agency. “We mainly examine the system of protecting users, the auditing function, which we do not know by reporting alone, whether they are exercising corporate governance by properly separating management and execution,” the FSA detailed.
Furthermore, over 100 companies are reportedly planning to enter the cryptocurrency exchange business, the Sankei Shimbun noted. Among them is Line Corporation which operates one of the world’s most popular chat apps, Line.
Wonderful post ..thanks for sharing...Best of luck friend ✫
Great share.... Economic war china an US will make people worry to USD and Yuan... ppl will come to crypto.
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