As Crypto Regulations Continue to Evolve, Japanese Regulator Notices Lower Number of Enquiries.
A recent report from the Q4 2018 in Japan is showing new data about local interest in cryptocurrency. The regulator, known as the Financial Services Agency (FSA) published the report today, showing that the most recent quarter logged has fewer inquiries on cryptocurrency than the year before.
The FSA is responsible for watching the crypto ecosystem in Japan, and the quarter previously showed 1,231 inquiries, while the most recent quarter shoes 788 inquiries.
In 29% of cases (235 cases), the information sought was regarding general inquiries and questions, while another 28% (228 cases) had to do with individual transactions and their results.”
Based on information collected since the beginning of 2018, inquiries have dropped continually from 3,559, as reflected in Q4. By 2018, there was a new plan implemented by the FSA commissioner that aimed to establish strict regulations in favor of growing the cryptocurrency industry.
Later, in the fall, the watchdog voiced their goals of reducing market risks with the fortification of the registration process.
Last month, despite the previous decline in inquiries, Cointelegraph Japan revealed that seven never applications for crypto exchange licenses were in the works to be approved. The expected timeframe on this approval is about six months, based on the current infrastructure.