Japan Bitcoin Exchange is ready to meet the October 1 start of the regulation


nnJapan’s domestic special currency exchange is also well prepared to meet this continuous supervision after the Japanese regulators announced that they will be closely supervised on the country’s special currency exchange on October 1. Since the opening of the legislation, the work on the new exchange has been carried out in full swing, and more than 50 institutions have applied for a license. At the same time, in August, the FSA formed a 30-person working group dedicated to ensuring that the exchange continued to comply with the new requirements.n
nTranslation: Clovern
Japan’s new legislation will come into effect on October 1, since then, the country’s rapid development of the emerging Bitcoin exchange market will face the continued supervision of government regulators.n
The Japan Exchange must register with the Japan Financial Services Office (FSA) by the end of September, according to the law of the country that approved the legal status of Bitcoin in April.n
Since the opening of the legislation, the work on the new exchange has been carried out in full swing, with more than 50 institutions applying for licensing, and only 18 applicants in the first month.n
Today, the Japanese regulator once again reiterated that the market needs a controlled environment, and the local media also reported that “if necessary”, the exchange or need to go through field checks.n
A spokesman for the FSA was not clear about the nature of the plan when he commented on the Japan Times.n
He said:n
n”We aim at market development and regulatory enforcement.n
nAt the same time, in August, the FSA formed a 30-person working group dedicated to ensuring that the Exchange continued to comply with the new requirements after the deadline.n
The Japan Times reiterated that the regulatory content includes “checking whether the virtual currency exchange manages customer assets and exchange assets separately and whether appropriate risk management measures are taken, including how to deal with cyber attacks.”n
At present, in the promotion of digital money, Japan’s overall atmosphere of 70% of the cash economy is rapidly changing.n
This week, the country’s banking sector announced plans to issue a national currency plan called J-Coin to replace cash transactions by 2020.n

Leave a Reply

Your email address will not be published. Required fields are marked *