Musiccosmos

Japan’s financial watchdog, the Financial Services Agency (FSA), has published the results of its on-site inspections of cryptocurrency exchange operators, Cointelegraph Japan reports August 10. Based on its findings, the watchdog has decided to apply more rigorous oversight into new applications from exchanges hoping to receive an official operating license . Newly registered exchanges will be required to undergo on-site inspections at an early stage and the agency plans to closely examine the effectiveness of their business models. According to the agency, there are currently “hundreds” of companies awaiting its review. The FSA probe revealed that exchange operators’ maintenance of their internal control systems has failed to keep pace with the rapid growth of transaction volumes, which it partly attributed to the “renaissance” of the crypto markets in fall 2017. According to the investigations, the total digital assets of domestic exchanges surged to 792.8 billion yen ($7.1 ...