The nation of Japan has sixt crypto exchanges which are approved by the administration. Of these, six have in recent times registered their submissions for corporate improvement plans to Financial Services Agency (FSA), Japan’s fiscal supervisory body.
Last month, FSA handed out business improvement orders to Bitflyer, Quoine, Bitbank, BITPoint Japan, and BtcBox. The six have established that they have submitted improvement plans on paper to the regulatory authority.
While BITPoint and Tech Bureau received orders to enhance their in six sectors, Quoine was instructed to improve in 7 areas. Bitbank had to improve in 8 areas, with BtcBox improving in 9 areas. As for Bitflyer, it was instructed to improve in at least 10 areas.
Legal Compliance System
Among the improvement areas ordered by FSA include legal compliance system, control systems for user privacy, risk controlling structures, and risk controlling for cash laundering and extremism funding.
As a result of the order by FSA, BITPoint decided to launch an innovative transaction instrument towards the end of last month, known as Bitcoin Advance. The instrument was created to assist in information regarding pricing like charts as well as board data, which are accessible on one screen without the need for alteration. It is also effective in supporting in-kind trading as well as leveraged dealings.
BITpoint also advanced their crypto payment structure for merchants known as Bitpointpay, a platform which supports BCH, ETH, and BTC. Additionally, Bitbank showed their willingness to go ahead with the evaluation of administration policies.
Meanwhile, Japan’s biggest cryptocurrency exchange by interchange volume, Bitflyer, on Monday released a notification directing that it will strictly comply with the appropriate rules and codes of practice and also reinforce the administration structure all over the firm. In this regard, the exchange will no longer accept new clients after it got FSA’s improvement order last month.