Japan Boosts Risk Screening Process for Crypto Exchanges
Japan`s financial regulator, the Financial Services Agency (FSA), will enhance the process of registration screening for crypto exchanges, The Japan Times reports September 2.
FSA has added several new features to the previous act’s legislation to raise “the number of questions asked when screening applications to about 400 items, up fourfold”.
According to The Japan Times, crypto exchanges must “submit minutes of board meetings so it can check whether enough discussions have been held about measures to sustain the company’s financial health and ensure the security of its computer system.”
Following a revision to the Payment Services Act, Japan legally recognized cryptocurrencies like bitcoin as a legal method of payment in April 2017. Under the legislation, operators of domestic cryptocurrency exchanges are also required to register with the FSA to earn a license from the regulator.
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