Main page News, Japan

The Financial Services Agency (FSA) of Japan issued orders to six crypto-exchanges.

The regulator spent the last few months inspecting trading platforms and as a result, the agency published orders to improve its work for six crypto-instruments on the website. QUOINE, BitFlye, Bit Bank, BTC Box Corporation, Bit Point, and Tech Bureau have received instructions from them.

The agency urges the exchanges to improve the system of internal audit and the protection of users. The platforms must ensure effective and proper work, provide measures against money laundering, and the financing of terrorism.

The sites must submit a written report on its progress in improving its systems based on the results of meeting the regulator's requirements. FSA said that until the exchange cannot meet all the requirements, it must provide additional reports by the 10th day of each month.

The FSA began to inspect the work of licensed exchanges in April this year after hacking into the Coincheck platform, which hacked more than $530 million in the NEM altoquin.

Recently the Japanese financial regulator has for the first time refused to authorize a licence for a crypto-exchange platform and the FSA has rejected the registration of the cryptocurrency exchange FSHO. An inspection of the company has revealed that the Yokohama-based firm does not possess the necessary systems required to manage its business.

Japan's Regulated Exchanges Outline New Bans

In addition, anonymous coins will be banned in Japan. On June 27, The Japan Virtual Currency Exchange Association (JVCEA) will publish new rules for the regulation of the cryptocurrency market. This will be done in the framework of strengthening the fight against money laundering and insider trading.

By Ekaterina Ulyanova

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