The Japanese Financial Services Agency (FSA) has created a division to oversee the regulation of digital assets, and the Ministry of Finance has signaled a possible expansion of staff with cryptocurrency specialists. Reuters reports, citing unnamed officials.
They said the move was prompted by growing concerns among authorities that the spread of ‘new forms of private money’ could undermine Japan’s financial system.
The division, launched on July 8, is also aimed at the decentralized finance sector, Reuters says.
Sources added that the Ministry of Finance is studying the possibility of increasing its staff to strengthen oversight of digital assets. According to them, the relevant request will be submitted by August.
Earlier this spring, the FSA announced plans to implement FATF guidelines for local cryptocurrency firms.
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