Could U.S. regulators have inspired Japan’s Financial Services Agency (FSA) to push it to tackle crypto exchanges premises ? Indeed, 4 company names have been cited for failing to register with this Japanese financial policeman. Zoom !
Japanese Regulator Takes Down 4 Crypto Companies
US crypto companies prepare to pack due to regulatory vagueness. But we also agree to note theoffensive conducted by the SEC against several crypto exchanges. Gone is the “American Dream”: from now on, the dream has become a nightmare for players in the cryptosphere.
Japan too would seem seduced by this “offensive” at the SECunderline CoinDesk. Last Friday, the Japan Financial Services Agency issued a warning letter for crypto businesses following:
- Bitget;
- BitForex;
- Bybit;
- and MEXC Global.
The said letter states that these four crypto exchanges were in violation of Japan’s fund settlement laws at the time of its issuance. There have indeed been crypto assets trading activities without registration perpetrated by those concerned.
However, the FSA clarified that this notice “ does not necessarily indicate the current status of unregistered activities “. In other words, this action announces a wave of warnings ahead for unregistered crypto exchanges.
Regulation but not oppression
Ban or regulate? The United States seems undecided on what to do about cryptos. For Japan, better strict regulation of cryptocurrencies than a “ban”.
” While some countries stand still and shrug their shoulders in the cold wind, Japan is positioned to play a unique role in the cryptocurrency industry Says a member of the Japanese Liberal Democratic Party fond of Web3.
And it’s thanks to this position that local crypto investors listed on FTX Japan were able to get refunds after the fall of the SBF empire.
However, it should be noted that the Japanese government is currently working on policies and guidelines to properly frame stablecoins, NFTs and DAOs. If other countries see in cryptocurrencies an asset that sows terrorthe Empire of the Rising Sun regards them as an opportunity. However, the local CBDC did not receive the full approval of the population.
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