The Financial Services Agency and the National Police Agency encourage banks to “further strengthen their user’s protection.”
The Financial Services Agency (FSA) — Japan’s principal financial regulator — has suggested several measures to protect the users from “unlawful transfers” to crypto exchanges. One of them may seriously complicate the peer-to-peer (P2P) transactions market.
On Feb. 14, the FSA published a request addressed to Japanese banks. According to the regulator, the number of fraudulent transactions in the country remains high, and most involve crypto assets.
Related: Japan to resolve CBDC issuance legalities by Q2 2024
