Japan’s Financial Services Agency Releases Five-point Agenda for Supervision of Cryptocurrency Exchange

The Japan Financial Services Agency (FSA) has announced that it will adopt more stringent regulations on digital currency exchanges and proposed a new agenda, including five points:
1. Digital currency trading platforms will need to follow robust security standards.
2. The digital currency trading platform needs to develop a thorough customer understanding (KYC) process.
3. The FSA will require the trading platform to obtain best practices related to asset management activities.
4. Take restrictions on the types of special digital currencies. FSA has added some private digital currencies to the blacklist.
5. The trading platform needs to provide a clear platform organization structure and operating mode.
According to the Nikkei report earlier, the FSA has taken further supervision of the exchange and required the exchange to: monitor the customer accounts that are subject to suspicious fluctuations several times a day; manage customer assets and exchange assets separately; store only digital currency positions in online systems only. . In terms of privacy-related digital currencies, the exchanges registered by the FSA will face strict restrictions.

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