The Japanese Financial Services Agency (JFSA) has gone on a hiring spree to handle the influx of new applications for crypto regulations. The JFSA has listed 12 vacancies to boost its workforce and handle the increased demand for regulatory permits. The agency is rumored to have roughly 160 applications for crypto licenses waiting to be reviewed. In the past couple of months, the agency has reviewed 16 cases. Out of those 16, 12 withdrew their application, three are currently awaiting a final decision, and one was declined. This increase in applications highlights how rapidly the blockchain and cryptocurrency industry is growing in Japan.
Demand is a Common Issue
Interestingly, it isn’t just the JFSA that can’t cope with the sudden influx of applications for regulatory licenses. Over in Malta – the country that recently launched three crypto-friendly laws – the financial services authority has asked companies to refrain from applying for regulation and permits while it irons out the new laws. While many might see the delay in reviewing permits a negative thing, it is actually quite the opposite. It simply means that companies want to make sure that they are complying with the latest laws, ensuring that their platforms are safe and secure for consumers to use.
EU Preparing Regulations
Not one to be left out, the EU is preparing for a fresh round of talks on blanket crypto regulations. The proposed regulations would be similar to all other EU laws in that they have to be implemented by every country within the EU. However, certain countries that already have more advanced and specific regulations in place would be able to use those in place of a more primitive EU law. Such countries that would look to do this would be Malta and Poland – two nations that have taken huge steps towards becoming blockchain and crypto friendly.
JFSA Making Inspections Public
Any investigation into crypto or blockchain firms undertaken by the JFSA will be made public in a bid to increase clarity in the space. It is seeking to keep the general public aware of what’s going on in the crypto space every step of the way, as well as being transparent, so other firms looking to apply for regulation can save everyone’s time and be perfect from the get-go.
Japan is taking crypto regulations very seriously and is moving closer to creating a fully regulated crypto economy. Similarly, Mexico just introduced a new regulation for all crypto exchanges and banks that wish to let their customers open crypto-focused accounts. Regulation is the best way to make the crypto market safer, and as it gets safer more people will likely be keen to invest.