In an interview with the Reuters team on the 22nd day August, the commissioner of Japan’s Financial Regulating team said that the agency wants to see the crypto industry flourish by any means possible. He also said that they aim to make this promise come to fruition by letting it pass through proper and appropriate regulatory system.
Toshihide Endo, the commissioner of Japan’s Financial Services Agency reminded Reuters of its aim to develop the crypto industry by finding a “balance” between consumer protection and technological innovation. The Commissioner went further to say;
“We have no intention to curb [the crypto industry] excessively. We would like to see it grow under appropriate regulation.”
In July, the FSA had been considering changing the lawful basis for controlling crypto trades to oversight by the Financial Instruments and Exchange Act (FIEA), rather than its current lawful establishment, the Payment Services Act.
Prior this month, the FSA published the consequences of its on location investigations of various digital money trade administrators, noticing that in the examinations it offers “need to speculator insurance.”