Japan’s Financial Services Agency is expanding personnel to keep pace with the exploding number of cryptocurrency exchanges filing license applications.

During a recent FSA meeting Kiyotaka Sasaki, vice commissioner for policy coordination, said his office will be hiring 12 more people to join the current 30 individuals who screen license applications from cryptocurrency exchange operators in addition to monitoring cryptocurrency trading and unregistered operators.

According to Reuters Japan, the regulator expects more than 160 applications from companies looking to launch cryptocurrency exchange platforms.

FSA statistics released in April show Japan has more than 3.5 million active cryptocurrency traders, with annual trading in bitcoin (BTC) alone totaling $97 billion in 2017. Read more here.

ThirtyK Staff
If you would like to contact the ThirtyK News Brief team, please email us at contact@thirtyk.com.