Japan’s Financial Regulator Issues Draft Guidelines for Funds Investing in Crypto
The instructions from the FSA are vague and obvious, but they indicate some movement on the regulatory front.
Toshihide Endo was commissioner of the Financial Services Agency (FSA) from 2018 to 2020.
Unlike the U.S., Japan considers XRP to be a cryptocurrency, not a security.
BitFlyer replaced its company president and introduced its first non-Japanese director in its latest management reorganization.
The regulator's stance contrasts with that of the U.S. Securities and Exchange Commission.
While Japan is known for its retail market, crypto exchange OKCoin believes the country’s strict licensing regime will attract institutional investors.