📰The scrutiny is a big deal because—thanks to the Chinese authorities cracking down on bitcoin trading in that country—Japan has recently become the largest bitcoin exchange market in the world.
At the start of this month, China banned so-called initial coin offerings (ICOs), which are a trendy way of raising funds that involves giving investors new virtual tokens, rather than shares. Then it banned bitcoin exchanges themselves, leading many traders to migrate to the Japanese and South Korean markets.
So what happens next in Japan, which explicitly legalized bitcoin in April, is important. Exchanges there have until the end of this month to register with the FSA, which has set up a team of 30 people to examine their security practices and the required separation of customer assets from their own.
“We pursue both market fostering and regulation enforcement,” an unnamed FSA official told The Japan Times. Follow @blockchainmastery for more 🔥