The Japanese Financial Services Agency (FSA) recently issued a warning to four cryptocurrency exchanges, including Bybit, for operating without proper registration. The other exchanges affected were Bitforex, MEXC Global, and Bitget.
Unlike other countries that have implemented strict regulations on the cryptocurrency industry, Japan has taken a softer approach, but the FSA’s warning letter shows the country’s continued investment in cryptocurrency legislation.
Bybit, which previously received a warning in May 2021 for operating without a licence, has also suspended USD deposits for customers since March 10th and received notices from Canada. This move reflects a global push to ramp up legislation worldwide to prevent incidents like the FTX debacle or Terra’s price crash.
While Japan, along with its allies, Thailand and Singapore has remained lenient in their approach to cryptocurrency markets, it has intervened in certain instances, such as when it ordered crypto exchanges last year not to process any transactions with crypto-assets subject to sanctions against Ukraine and Belarus, directly related to the war in Ukraine. Violating the rule may result in a 3-year jail sentence or a 1 million yen fine.
The country has sought the U.S. and EU’s help to regulate crypto banks and has developed a yen-backed stablecoin, Progmat Coin, to streamline settlement processes. It also recently passed an official stablecoin bill.
Despite its soft approach, Japan remains open to changing its stance on the industry. After the FTX fallout, it aimed to make it easier for cryptocurrency exchanges to list tokens. As of December 28, 2022, the governing body for crypto exchanges informed companies they could list coins without pre-screening unless they were entirely new to Japan.
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Japan will continue providing cryptocurrency firms with operational freedom, but the FSA’s warning to unregistered exchanges shows that the country is still invested in regulating the industry. As events unfold, the country’s approach to cryptocurrency may shift.
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