The Japanese FSA (Financial Services Agency) organized a study group to consider the state of cryptocurrencies in Japan last week. In the number observers of the meeting were delegates from the Bank of Japan, the Ministry of Justice, the Consumer Affairs Agency, and the Ministry of Finance. In addition, Taizen Okuyama, President of the newly formed self-regulatory establishment and of foreign exchange platform provider Money Partners Group, was present.
The agency stated that 8 “deemed dealers” are aimed to withdraw their applications to work cryptocurrency exchanges. According to the Revised Fund Settlement law, deemed dealers are let to operate crypto exchanges while their applications are being investigated by the agency.
Eight deemed virtual currency exchange companies announce the intention to withdraw registration applications…One company confirms that it does not fall under the virtual currency exchange industry as a result of grasping the actual situation in detail.
(Financial Services Agency), Japan
Seven of them will totally withdraw their applications – Tokyo Gateway, Mr. Exchange, Raimu, Bitexpress, Bit Station, Campfire, and Payward Japan which operates Kraken exchange. The FSA revealed that Debit will withdraw its application as a deemed dealer because it does not fall under this classification. Also, about 100 firms have expressed their intention to enter the crypto market.
The financial watchdog also revealed the number of administrative fines that have been issued so far. Five crypto exchanges have received business suspension orders while seven business improvement orders, excluding Coincheck. In common, 14 orders have been made: one on January 29, seven on March 8, three on April 6, one on April 11, one on April 13, and one on April 25. Coincheck and FSHO received two orders.
Among the 100 firms to enter the space was Cyberagent which operates the Internet TV station “Abema TV” and the Internet ad business, which boasts the largest market stake in Japan.