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Japan’s FSA Adds More People to Deal With Crypto Activities

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The Financial Services Agency (FSA) of Japan has hired more people to join their crypto team in order to supervise crypto activities. The FSA finalized the decision after meeting for their “fifth study group meeting” on the topic of cryptocurrency yesterday. The agency also published a document summarizing the details of the meeting.

According to Kiyotaka Sasaki, FSA’s Vice Commissioner for Policy Coordination, the agency curerntly has 30 people oveseeing crypto projects. However, 12 people will be added to the current team in 2019 in order to accelerate development in the cryptocurrency industry.

The FSA was reviewing 16 companies; however, after it rejected one crypto company on June 7th, 12 other companies also withdrew their application. The rest of the companies were given work improvement reports.

The FSA plans to perform on-site analysis on the upcoming crypto companies. 16 of the companies which received the green signal include Money Partners, SBI virtual Currency’s, Bit trade, DMM Bitcoin, Bit-Argo Exchange Tokyo, Bitgate, BITOCEAN, The Fiscal Virtual Currency Exchange, Xtheta, BitFlyer, QUOINE, Bit bank, GMO Coins, BTC Box, Bitpoint Japan and Tech Bureau.

However, some of these exchanges, including Bitflyer, Quoine, Bitbank, BITPoint Japan, and BTC Box, received business improvement orders from the FSA earlier in 2018.

Last month, Toshihide Endo, Commissioner of the FSA, told Reuters that the agency will implement regulations while making sure that the crypto industry is able to grow. “We have no intention to curb [the cryptocurrency industry] excessively  We would like to see it grow under appropriate regulation,” said Endo.

Meanwhile, the National Police Agency (NPA) of Japan announced last month that it “has mapped out a policy to introduce software next fiscal year to visualize the transaction history of virtual currencies in the face of increasing money laundering, massive theft and other cases related to cryptocurrencies.” With this system, the NPA will be able to track criminal activities in the crypto industry easily.

Image Credit: Deposit Photos

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