The Financial Services Agency of Japan (FSA), which acts as a state regulator, has decided to abandon the regulation of the cryptocurrency market. All responsibility for the implementation of the rules and its activity lies with the cryptocurrency players themselves. More precisely, the Japanese Association of cryptocurrency exchanges (Japan Virtual Currency Exchange Association).
“This is a dynamic industry. It will be better if it is managed by experts, not bureaucrats, ”the FSA said in a statement. The agency will nevertheless continue to work, the purpose of which is to increase confidence in the cryptocurrency market, Reuters reports .
As noted by Yuri Suzuki from the law office of Atsumi & Sakai, the internal rules of the Association are much more stringent than the existing laws of the country governing the activity of the cryptocurrency market.