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Wednesday, September 27, 2017

Crypto News: Japan’s Financial Authority to Begin Bitcoin Exchange Surveillance Next Month

Japan’s Financial Authority to Begin Bitcoin Exchange Surveillance Next Month

Following the revised payment services law that went into effect in April to legalize bitcoin as a payment method, all bitcoin exchanges operating in Japan are required to register with the authorities. The deadline for registration is the end of September.

If the agency finds no problem in the preliminary examination, the exchanges will proceed with the registration process and start a full review to ensure compliance. As part of the process, the FSA will put the exchanges under “full surveillance,” beginning in October, FSA officials reportedly said. The Japan Times described on Sunday:

"The FSA will monitor whether the exchanges for bitcoin and other digital currencies have appropriate internal systems, including ones to protect customer assets. If necessary, the agency will carry out on-site inspections."

Full story at

Source: Bitcoin News

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