Six government-approved cryptocurrency exchanges in Japan have submitted their business improvement plans to the country’s top financial regulator. While improving their internal systems, most have also engaged in different areas of business expansion.
Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space
Six Business Improvement Plans Submitted
Six of Japan’s 16 government-approved cryptocurrency exchanges have submitted their business improvement plans to the country’s top financial regulator, the Financial Services Agency (FSA). On June 22, the FSA issued business improvement orders to Bitflyer, Bitpoint Japan, Bitbank, Btc Box, Quoine and Tech Bureau.
Complying with the orders, each of the six companies confirmed that they have submitted a written business improvement plan to the agency on Monday, July 23.
Bitflyer was ordered to improve in ten areas, Btc Box nine, Bitbank eight, and Quoine seven. Both Bitpoint and Tech Bureau were ordered to improve in six areas. The June 22 order was the second for Tech Bureau, the operator of the Zaif exchange.
The only company to receive an order for a “drastic review of [its] management system” was Bitflyer. The exchange, along with Quoine and Btc Box, also received an order to construct “a management system related to the exclusion of antisocial forces.”
Other improvement items the FSA ordered include “Building a legal compliance system,” “Establish a risk management system for money laundering and terrorist financing,” “Construction of a separation control system for user property,” “Establishment of a control system related to user protection measures,” and “Construction of the risk management system in accordance with the new handling or the like of the virtual currency.”
New Trading and Payment Tools
Since receiving a business improvement order, Bitpoint has launched a couple of new services. A trading tool called Bitpoint Advance was
