Laws governing virtual currency businesses in Japan will come into effect in October, with any businesses operating an exchange having to submit an application for registration by the end of September.
The Japanese Financial Services Agency (JFSA) confirmed to local press that supervision of the sector would be stepped up, and legal experts have since confirmed to PaymentsCompliance that enforcement action is expected to be ramped up.
The regulator set up a dedicated surveillance team to monitor the sector last month, bringing together around 30 virtual currency experts, but so far no activity has been seen.
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