Japan is looking into introducing more stringent cryptocurrency regulation. The local financial regulator, the Financial Services Agency (FSA) and the Ministry of Finance are working on establishing a totally new regulatory framework.
So far the Ministry of finance is hiring more operatives while the regulator FSA is focusing on the future of cryptocurrency regulations. The FSA also founded a new division as part of the agency that will be focusing on various cryptocurrency-related affairs, though for the moment there are no available details.
According to recent reports, however, Japanese officials are worried about how privately held funds are influencing financial systems and regulators want to know what the consequences of using stablecoins are.
Source
As welcoming as Japan is to cryptos, it was inevitable they'd have to tighten their regulation, considering the sheer popularity of this industry.
So far the Ministry of finance is hiring more operatives while the regulator FSA is focusing on the future of cryptocurrency regulations. The FSA also founded a new division as part of the agency that will be focusing on various cryptocurrency-related affairs, though for the moment there are no available details.
According to recent reports, however, Japanese officials are worried about how privately held funds are influencing financial systems and regulators want to know what the consequences of using stablecoins are.
Source
As welcoming as Japan is to cryptos, it was inevitable they'd have to tighten their regulation, considering the sheer popularity of this industry.
