Japan's FSA will strengthen oversight of cryptocurrencies and DeFi – Bits Media

Japan Financial Services Agency (FSA) created a decentralized finance oversight unit (DeFi), and the Ministry of Finance plans to increase the number of employees of its cryptocurrency division.

According to a Reuters publication citing three unnamed Japanese officials, Japan activates its diplomatic efforts to regulate cryptocurrencies around the world, and also enhances the supervision of the industry within the country.

To expand dialogue with other regulators, FSA has created a group to regulate digital currencies, While the Ministry of Finance of Japan is considering the possibility of increasing the staff of employees of its cryptocurrency unit.

“Japan can no longer ignore this problem, Since the global cryptocurrency industry develops very quickly ", - said one of the officials.

This initiative complements the efforts of Japan Bank, who studies the possibilities of issuing state cryptocurrency. The new FSA division of Japan will also regulate the Defi industry.

In April, the Japanese financial services agency, what will oblige cryptocurrency companies to follow the Fatf recommendations for the fight against money laundering from April 2022 years.

Besides, At the end of last month, FSA published a warning, that the Binance cryptocurrency exchange works in a country without a license and does not have a permission of regulators for conducting activities in Japan.