Crypto Exchanges in the Hot Seat as Japanese Regulators Increase Oversight

The Financial Services Agency (FSA), which doubles as both Japan’s crypto and financial regulatory watchdog, has ordered all bitcoin trading venues and digital assets exchanges in the region to strengthen their know-your-customer (KYC) and anti-money-laundering (AML) measures, as part of preparation for the upcoming G-7 summit and FATF inspection, reports Nikkei on May 22, 2019.

FSA Fixing the Loopholes

Per sources close to the matter, the FSA is increasing its countermeasures for money laundering and all forms of illicit practices in the nation’s financial sector, including its cryptospace.

Though the FSA has been working hard to sanitize its cryptocurrency ecosystem for quite some time now, this latest move has been triggered by the upcoming inspection of the region’s…

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