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After China Shutdown, Japan Set to Put Cryptocurrency Exchanges Under Surveillance

Published 1 year ago by Hunain Naseer

After China Shutdown, Japan Set to Put Cryptocurrency Exchanges Under Surveillance

Crypto Vest via cryptovest.com

As reported by Japan Times, the country’s Financial Services Agency plans to start surveillance of all virtual currency exchanges operating in Japan from October. The agency will be observing all exchanges to verify whether customer interests are properly protected and operations are compliant with the required internal processes and systems. Given how virtual currencies have been largely unregulated and private exchanges facilitate trade, it has been difficult to track financing of criminal activity with cryptocurrencies. With 2017 seeing a huge boom in the crypto market, world governments have been forced to mobilize and seek regulatory frameworks to bring digital currencies under a system of checks and balances. Earlier this year Japan also passed the Payment Services Act, which requires all exchanges to adhere to AML (Anti Money Laundering) and KYC (Know Your Customer) laws. China’s ban on cryptocurrencies also resulted in a huge surge in Japan’s exchange market as traders and investors jumped ship, making Japan the largest Bitcoin exchange market in the world. It is believed that Japan has over 20 private cryptocurrency exchanges and the FSA recently put together a team of 30 officials tasked with scrutinizing their operations. This special team will be ensuring that all virtual currency exchanges keep customer assets separate from their own and undertake required risk management measures, including security processes to prevent losses. Coin spectator is an automated news aggregation service. All copyrights belong to their respective owners. Images and text owned by copyright holders are used in reference to and promotion of those respective parties. Read in Full

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