04 September, 2019
Japan is one of the first developed countries to quickly introduce legislation governing the work and development of the digital asset industry. However, investors have somewhat lost interest in cryptocurrency by now.
On September 3, the Japan Financial Services Agency (FSA) published data on the work of the Advisory Bureau for financial services market participants. Statistics show a decrease in requests for virtual currencies, which confirms the trend that has developed over the past few quarters.
The FSA Consulting Bureau processed 494 requests for cryptocurrency assets in total for the quarter ending June 30. The figures showed a decline q-o-q. In particular, the number of requests in the previous quarter was 574.
The FSA's latest tough action was an administrative lawsuit filed in June against the cryptocurrency exchange Fisco. These actions followed an inspection conducted in February 2019, during which shortcomings were identified that led to a change in the company's top management. However, a re-examination conducted in April revealed problems regarding compliance with the standards required by the regulator. In this regard, the FSA issued a regulation on improving business practices.
On Sunday the FSA and JVCEA published a new guidance document that reports on more stringent monitoring of cryptocurrency exchanges, focusing on the infrastructure providing cybersecurity.