The Financial Services Agency of Japan (FSA) published several documents with the meeting of the group on the study of cryptocurrencies held last week, during which industry regulation was discussed, including the registration of cryptoexchanges. This is reported by Bitcoin.com.
The agency confirmed that only three companies - Coincheck, Lastroots and Everybody's Bitcoin - successfully passed the recent inspections from 16 companies that, for the period of consideration of their applications, were authorized to operate as crypto exchanges. At the moment, their applications are under consideration, while with regard to Coincheck, the agency separately examines the measures that the cryptoexchange has taken to improve work after the hacking earlier this year. FSA also plans to conduct periodic on-site inspections of these exchanges.
Of these 16 companies, one was denied the launch of the exchange, while the other 12 withdrew their applications. At the same time, the ministry said, about 160 companies expressed their intention to register as a cryptocurrency exchange.
Such a high interest in the cryptocurrency business forced the regulator to begin to study the possibility of expanding the staff to speed up the process of consideration of applications. At the moment, the department employs 30 people responsible for monitoring exchanges and traders, monitoring unregistered operators and reviewing applications for registration. The FSA plans to expand the staff, using for this purpose 12 more people in 2019.
In addition, the at the meeting the rules of self-regulation established by the Association of Virtual Currency Exchanges were discussed. At present, this association includes 16 exchanges whose activities are approved by the Japanese authorities: Money Partners, Quoine, Bitflyer, Bitbank, SBI Virtual Currency, GMO Coin, Bittrade, Btcbox, Bitpoint Japan, DMM Bitcoin, Bitarg Exchange Tokyo, Bitgate, Bitocean, Fisco Virtual Currency, Tech Bureau and Xtheta.
The Japan Virtual Currency Exchanges Association was formed in March this year, having received the official registration of the FSA in April.