A positive regulatory ecosystem is introduced by Japan’s FSA for the cryptocurrency exchange. The rules of exchange are becoming stricter for the all new and old business firms. The new cryptocurrency exchange guidelines are designed by FSA, for entering the Japanese market. The demand for Bitcoins and altcoins is rising, and it’s becoming a hot commodity in Japan. The number of new business opportunities is also increasing because of Positive Regulatory Ecosystem developments.
According to the Financial Service Agency, Japan the growth will occur when all business firms will follow its rules. FSA announced that all the companies have to follow these rules strictly. This introductory rule is a great development for the Cryptocurrency Industry. According to the new rules the cryptocurrency exchange has to go through rigorous verification and licensing procedures. These rules are foreseeably affecting the present time of cryptocurrency exchange and their effect will remain the same in the future. The rules have to go through a strict screening and revision process for checking their efficiency for the improvement in cryptocurrency exchange. The FSA is ensuring the verification for checking that all the companies are following the regulations and will take the all-important precautions for improving the safety of their customer’s funds.
It is the first time when Japan’s FSA is going to screen the new cryptocurrency exchange rules for the new applicants. Because of the hack of CoinCheck, this procedure was suspended indefinitely for this year. The ecosystem is becoming more robust due to these developments in Cryptocurrency exchange. The Japanese Government is still seeking for more legitimacy for Bitcoin and altcoins because of their increasing demand by the clients.
The FSA Designed new track for regulating the Cryptocurrency industry in a better way. Adhering to these rules is a compulsion for all the service providers. These rules are needed to be flexible for meeting with the changing conditions of the cryptocurrency market and its growth. These rules are showing positive results in Japan and now it’s time for the other countries to build and set a policy like Japan’s FSA for their upcoming future. Setting advanced regulations for the cryptocurrency exchange market is a need of all the countries for regulating Bitcoins.
After Japan the next country that needs these regulations, is India. India has to set its own development ecosystem for the cryptocurrency industry. The Supreme Court has announced a hearing date on September 11 that determine the fate of cryptocurrency Industry and no one is aware of the results. It can set a ban on cryptocurrency industry or a smooth work out freedom for it. These results are completely unfortunate for this industry.
Conclusion:
We can say the positive regulatory ecosystem is helpful for the service providers for protecting their user data and funds. The rules will be followed for maintaining the respect of law an the position of cryptocurrency industry in the market. The decision is in hands of the Supreme Court for applying the regulations or rejecting it with a Ban on the industry.
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