Japanese Financial Regulator to Reject a Crypto Exchange App

Rejects for the first time

According to the news portal, Nekkei said that Japanese Financial Service Agency (FSA) is planning to reject a crypto exchange application operating in country.

The news portal added;

The decision follows the ministry’s conclusion that Yokohama-based FSHO lacks the necessary systems to operate its business. By barring an exchange operator that it has found to be substandard. The agency aims to demonstrate its determination to re-establish a sound currency trading environment in Japan.

What is FSHO?

FSHO is a ‘quasi-operator’ or ‘deemed dealer’ of Japan cryptocurrencies which means that organization can provide crypto service until it get approved by FSA. Overall, there are 16 deemed cryptocurrency exchanges and in which around 8 of them will withdraw their applications, FSA said.

Read Full Article here: Japanese Financial Service Agency