Japanese authorities will close loopholes for unregistered cryptocurrency companies

The Financial Services Agency of Japan announced its intention to begin to more closely control unregistered cryptocurrency companies operating in the country. In addition, all of them will be prohibited from attracting investments in tokens and performing a host of other operations.

Japan against bitcoin

Representatives of the FSA explained that because of the development of the cryptocurrency industry and mining, companies engaged in illegal activities and fraud related to transactions and the production of tokens began to appear in the country. Currently, the rules prohibiting the creation of such organizations cannot control them fully, which is why not only their clients suffer, but also the local economy.

Problems in the blockchain began to be addressed by the government after the founders of a crypto pyramid were arrested in November last year, in which they invested more than 69 million dollars. Then the Japanese authorities decided to introduce certain rules and restrictions for the miners and organizers of private exchanges.

Deadlines for amending the current law have not yet been announced. The FSA noted that they oppose cryptocurrency derivatives, but do not exclude the possibility of launching an ETF. Details of the consideration of bills on the blockchain will be made public in the first quarter of this year.

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