Crypto Popularity Drops in Japan Amid Tightening Financial Regulations

Asia Blockchain Review
September 13, 2019

The Financial Services Agency (FSA) of Japan published a report on September 3 indicating a decrease in crypto-related inquiries during the latest quarter. Only 494 crypto inquiries were submitted to the FSA office in the second quarter ended June 30. 

The number of inquiries declined from 574 recorded in the first quarter ended March 30, dropping a total of 13.9%. Meanwhile, 89 cases of fraudulent investment offers were reported to the FSA. 

FSA Initiates AML Sweeping Program 

The data suggests that Japanese investors are losing interest in cryptocurrencies. However, there has been speculation that the decline is a result of the FSA’s recent crackdown on crypto exchanges, according to a report by CCN.  

This move is a part of the FSA’s anti-money laundering protocols aimed at prosecuting crypto exchanges that offer anonymous transactions or do not require sufficient user identity information. Japan is purportedly attempting to address issues of money-laundering and hacking that have been prevalent in the world’s third largest economy. 

Bitcoin Evangelist Anthony Pompliano Confirm FSA Advocates Bitcoin 

Anthony Pompliano, known as a bitcoin evangelist, tweeted about the FSA’s attitudes towards Bitcoin, saying that “Japan’s Financial Services Agency is a big proponent of Bitcoin and Lightning Network.”

Pompliano claimed that he held discussions with FSA executives in Japan and insisted that the agency “wants to see Bitcoin and Lightning Network succeed.” 

“They have fairly clear regulatory framework, they want to see Bitcoin/LN succeed, they specifically told me that they think open networks will win, and they are hoping to be a world leader in adopting both aspects of the tech,” he tweeted. 

Source: https://www.ccn.com/ 


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