Japan to put BTC exchanges under full surveillance

Japan to put Bitcoin exchanges under "full surveillance" from October
25 September 2017   1144

The Financial Services Agency of Japan (FSA) is to closely monitor the strict observance of the requirements of the legislation on the use of cryptocurrencies by the exchanges from the next month, as reported by japantimes.co.jp.

According to the newspaper, the purpose of the control strengthening is the need to ensure that the crypocurrency companies will comply with the requirements of the revised law on payment services, adopted in April this year. The law sets operating standards for crypto exchanges and recognizes Bitcoin as a legitimate means of payment.

The surveillance is intended both to regulate the exchanges and to ensure the healthy growth of the cryptocurrency market:

We pursue both market fostering and regulation enforcement. ... We aim for sound market development.
 

FSA executive

Thus, the FSA has also established a 30-member team specifically to carry out surveillance of virtual currency exchanges in the country. As cnn.com reported earlier, the oversight and scrutiny by Japanese authorities was to be expected so as to avoid any scenario of a Mt Gox-like collapse in the country.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   294

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.