Japan's regulator probes 2 Bitcoin exchanges after management changes

posted 6 months ago
Japan’s financial regulator inspected 2 cryptocurrency exchanges last week to investigate their internal oversight, including customer protection and anti-money laundering measures. The Financial Services Agency is pushing to ensure the security of virtual currencies as Japan aims to leverage the fintech industry to stimulate economic growth.

The FSA conducted inspections at Huobi Japan Inc and Fisco Cryptocurrency Exchange Inc, both of which recently underwent major changes to management structures. The FSA investigations were designed to ensure appropriate measures have been implemented for customer protection and legal compliance after the management changes.

Notably, in 2017 Japan became the first country to regulate cryptocurrency exchanges at a national level, hoping to encourage technological innovation while ensuring consumer protection. Exchanges have to register with FSA and required reporting and other responsibilities.
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