Japan: Issued FAS warning against foreign cryptocurrency exchanges for operating without registration
Description
Issued FAS warning against foreign cryptocurrency exchanges for operating without registration
On 31 March 2023, the Japanese Financial Services Agency (FSA) issued a warning letter to fifteen foreign cryptocurrency exchanges for conducting derivatives trading services without registering and obtaining a license to operate, as required by local fund settlement regulations. Cryptocurrency exchanges that do not comply with the FSA’s regulations may face fines and legal action.
Original sourceScope
Policy Area
Authorisation, registration and licensing
Policy Instrument
Business registration requirement
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Implementation Level
national
Government Branch
executive
Government Body
other regulatory body