Japan FSA Chief: No Need for “Excessive” Regulation On Crypto Exchange

It’s just a matter of balance between proper regulation and innovation, the chief promises.

REGULATIONS

Japan’s current chief of Financial Services Agency (FSA), Toshihide Endo, voiced out his belief for less “excessive” regulation of the country’s cryptocurrency industry, August 22.

Financial-services-agency-japanFSA is trying to regulate cryptocurrency exchanges in a way that ensures consumers’ protection while promoting innovation, the newly appointed chief of Japan’s top financial regulator reassured in an interview with Reuters on Wednesday.

Endo told the news agency:

“We would like to see it grow under appropriate regulation.”

Japan has been actively adopting cryptocurrency such as Bitcoin as legit payment methods. Over 10,000 Japanese convenience stores will be using and accepting Bitcoin Cash.

However, Japan has recently started onsite inspections of cryptocurrency exchanges to still keep them in check and ensure that they are keeping pace with the speedy growth of the crypto industry. A $530 million hack of Japan’s Coincheck exchange early this year catalyzed the inspection.

Endo joined the finance ministry in 1982 and has previously been the director-general of FSA’s supervisory bureau. He was appointed as commissioner last July.

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