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7 Japan Crypto Markets Could Get License From FSA In 2 Months

According to a new look at the Japanese Financial Agency review process of companies applying for a license to exchange cryptographic data, seven applications will be approved or rejected within two months.

The new information regarding the review process offered by the Financial Services Agency (FSA) revealed that it includes a lengthy procedure that takes almost six months from the time of the application – which involves answering over 400 questions – to formal rejection or approval. According to the FSA, after receiving the replies, the agency communicated with the company to check its business plan, management, cybersecurity, anti-money laundering (AML) management system, and anti-terrorism funding. At this stage of the review, agency staff will personally review the company’s practices.

After thе first phase

Which is believed to take about four months – the company officially filed its application with the FSA. At this stage, the Agency checks the application and decides whether to issue the license within two months. The FSA announced that 21 companies are participating in the first part of the review, and seven are already in the decision-making phase. From this data, it can be extrapolated that up to seven companies can get a new license by the summer. As recently reported, FSA has denied that it is considering resolving the ETF Battle, a rumor recently released by Bloomberg. The FSA is also considering regulating unregistered businesses that attract investment in cryptocurrencies

FSA – Financial Services Agency