Japan Report: Seven Cryptocurrency Exchanges could get FSA- Licenses within Two Months

As per new information indicated on January 12, the Japanese Financial office’s survey process of organizations applying for a digital currency trade permit, seven applications will be either get the approval or will be rejected by the next two months.

The review process data offered by the Financial Services Agency (FSA) announced that it includes a protracted strategy that takes around a half year since the time of their application- which incorporates the submission of answers to more than 400 inquiries, that would officially declare the digital currency exchange permit approval or decline.

As per the FSA’s clarification, accepting the submitted responses, the agency speaks with the organization to confirm its business strategy, cybersecurity, governance, the board framework, and anti-money laundering (AML) and counter-terrorist financing. In this audit period, the organization’s officers will individually confirm the organization’s practices in person.

After this first phase of review, which apparently takes around four months — the organization formally submits their application to the FSA. The organization now checks the application and chooses whether or not to issue the permit by the next two months.

The Financial Services Agency (FSA) has confirmed that 21 organizations are participating in the initial segment of the audit and seven are now in the decision phase. It may be figuring out from this information that up to seven organizations could be allowed another permit by the mid-year.

As per a Bitcoin news site detailed, the FSA has denied that it is thinking about permitting Bitcoin (BTC) exchange-traded funds (ETFs). It was just a rumor that had been recently spread by leading financial publication Bloomberg.

The FSA is likewise considering the control of unregistered firms that request investments in digital currencies, as recently indicated by a news post.