Japan's FSA Revealed Its New Document, In support Of Crypto-Related Businesses.

Japan's FSA Revealed Its New Document, In support Of Crypto-Related Businesses.

2018-09-13 | Selina Mathew

Japan's FSA Revealed Its New Document, In support Of Crypto-Related Businesses.

The ‘FSA’ Financial Services Agency hosted its 5th study cluster meeting on digital currencies yesterday, i.e on 12th Sept. which included several trading platforms, scholars, lawyers, along with the govt. officials.

The vice commissioner for policy coordination at the FSA ‘ Kiyotaka Sasaki,’ aforesaid that the authority is presently employing around thirty officials for the general over all crypto-related activities, as well as license registration review.

Adding further the vice commissioner said that the FSA is also going to add twelve additional officials for the year 2019 to yield higher and better expansion of the cryptocurrency exchange businesses.

As per a local news reporting by ‘Reuters,’ an official document has been revealed after the meeting stating that the FSA has been reviewing 16 different cases while over more than 150 several companies are planning to submit applications for the crypto exchanges licenses.

According to the FSA,  twelve of the sixteen firms reviewed withdrew their applications as taught by the regulator while rejecting an application of one exchange. However, Coincheck, is still watching for a final judgment.

Data compiled by the FSA more indicated the govt agency isn't the sole entity that's handling a shortage of workers on cryptocurrency.

Mentioning further FSA said that:

"Many exchanges are managing huge amounts of user assets with just a little team i.e around $30 Mln per worker in average.”

However, as per the recent data, while the total assets Japanese crypto exchanges hold for investors have been exaggerated by more than 500 % over the past few year but more than  75% of them have a team of just around 20 people only.

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