ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter

Japan shifts course to tighten grip on cryptocurrency exchanges

FSA focuses on consumer protection as sloppy management comes to light

Cryptocurrencies such as bitcoin require global regulation, a member of Germany's central bank argues.   © Reuters

TOKYO -- Japan's financial watchdog is stepping up its oversight of cryptocurrency businesses following inspections that revealed their inadequate internal controls, shifting its focus from nurturing financial technology to consumer protection.

The Financial Services Agency on Thursday ordered two cryptocurrency exchange operators, BitStation and FSHO, to suspend operations through April 7. A senior executive at the former was found to have misappropriated customer cryptocurrencies, while the latter failed to appropriately monitor large transactions.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more