Japan is making further preventative steps towards digital currency broader way. In one situation the Financial Services Agency (FSA) of the nation will issue business improvement orders to more than five crypto exchanges. The agency led examinations and concluded that these registered exchanges have flaws like the absence of proper illegal money laundering measures in their internal management frameworks. As indicated by the local media sources, because of this reason, FSA presently means to issue improvement orders by this end of the week.
The exchanges focused on are bitFlyer, Quoine, Bitbank, BtcBox, and BITPoint Japan. As the customer stores of exchanges develop, FSA is going harder on crypto exchanges. Aside from FSA, the self-regulated body of Japan’s crypto industry, Crypto Exchange Association has drafted new regulations. Drawing around 100 pages of self-regulatory measures, an official from an exchange clears up:
“We’re being subjected to rules almost as tough as the Financial Instruments and Exchange Act.”
According to these regulations, insider trading and trading of unknown virtual currencies will be prohibited. These practices are proposed to enhance the transparency and consumer security in the crypto market. Set up in March, the association will vote on the proposition on June 27 in a meeting. The rules are wanted to be adopted when the association gets perceived as a self-regulatory body by the nation’s watchdog.