TOKYO -- Japan revamped the Financial Services Agency effective Tuesday to make the watchdog more suited for responding to new challenges in the field, such as the rise of cryptocurrencies.
The newly created Strategy Development and Management Bureau replaced the Inspection Bureau, a powerful arm tasked with containing financial crises. The bureau will devise financial policy strategy and handle tasks that encompass wide-ranging fields, such as financial technology, virtual currencies and money laundering.
Administrative duties and inspections of financial institutions will also be handled by this bureau.
The Policy and Markets Bureau succeeded the Planning and Coordination Bureau and will work to create a comprehensive legal framework to cope with the rise of fintech as well as improve market policy.
The Supervision Bureau retained its name.