Japanese Regulator Expands The Agency to Better Manage Crypto License Requests
As the Japanese market grows more magnetic for crypto exchanges, the local watchdog, the Financial Services Agency (FSA), stated its plans to get more people involved on their payroll since too many new online trading venues are applying for permissions to operate.
More resources required
On Wednesday, the FSA held a meeting on virtual currencies, where crypto scientists, traders and state officials participated. At the moment, the agency has a team of about 36 members who supervise activities to do with crypto around the country. They also deal with granting licenses to crypto exchanges.
The agency intends to hire about 12 people next year since the demand for crypto trading licenses is rapidly expanding.
Snowed under with permit applications
Presently, the FSA has been considering 16 applications submitted by newly opened trading platforms. However, the report made after the meeting says that another 160 and even more exchanges have applied, eager to get their foot in the crypto trading market.
Currently, only 3 exchanges out of 16 have kept their applications active, including Coincheck. Other 13 have withdrawn their requests.
Crypto staff wanted all over Japan
The FSA also reports that the financial watchdog is just one of the numerous companies that are in need of extra stuff in the sphere of electronic decentralized money. Mostly, those are trading businesses that have to make their way through a large number of user accounts and user balances with the help of a very small team that needs expanding.
The report claims that currently, these days Japanese digital exchanges are dealing with crypto assets that are 553 percent bigger than in 2018– that is $6.2 bln than a year ago. Three-quarters of these teams have less than 20 members in them.