Japan FSA Releases Results of Exchange Inspections by Cryptovest

The Japanese Financial Services Agency (FSA) has published the findings from recent inspections conducted at 23 cryptocurrency exchanges across the nation. These evaluations prompted the agency to adopt a stricter stance on approving new applications from exchanges seeking to obtain operating licenses.

Moving forward, any aspiring exchange must undergo an on-site inspection by government officials to assess various aspects of their operations, including their business models.

The FSA stated, “We will enhance the verification process related to the company’s business plan, effective internal control systems, and governance structures that prioritize user protection.”