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Japan’s Financial Watchdog Seeks to Regulate Unregistered Crypto Investment Firms

“Japan’s Financial Services Agency (FSA) is considering the regulation of unregistered firms that solicit investments in cryptocurrencies, Cointelegraph Japan reports on Jan. 8” writes Marie Huillet for As previously reported, Japan has a checkered history with cryptocurrencies, playing host to the industry’s highest-profile crypto exchange hacks to date — including Mt.The development is reportedly a bid to close a loophole in the country’s existing regulatory framework, in which unregistered firms that collect funds in crypto rather than fiat currencies remain in a gray zone.This situation exists because these firms do not explicitly come under the purview of Japan’s Financial Instruments and Exchange Act, which prohibits unregistered companies from collecting investment funds in cash, but fails to mention funds collected in cryptocurrency form.

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