The Financial Services Agency of Japan received 190 cryptocurrency exchange license applications on December 28, as informed by an unnamed FSA staff member.

The FSA certified the Japanese Virtual Currency Exchange Association (JVCEA) to supervise the space, giving the local crypto market self-regulatory status. The JVCEA is expected to build anti-money laundering (AML) policy and provide guidelines to crypto exchanges.

Recently, a license was granted to crypto exchange Coincheck, following a hacking incident at the exchange in January. The exchange has received two business improvements orders from the FSA, focusing on setting higher standards for customer protection and anti-money laundering initiatives. In March, the FSA posted “punishment notices” to seven crypto trading platforms

As per the commissioner of Financial Service Agency, the agency wished the crypto industry to “grow under the appropriate regulation.” In addition, he promised that the agency has “no intentions to curb (the crypto market) excessively.”

The Strategy Development and Management Bureau superseded the Inspection Bureau, and plans to develop a financial strategy policy to manage issues linked to cryptocurrencies, fintech and money laundering.

The Policy and Markets Bureau will overtake the Planning and Coordination Bureau, and is assigned the task of building a legal framework that addresses the fast growth of the fintech sector.

The Japanese National Police Agency (NPA) faced a surge in reports after the launch of regulations, that precondition cryptocurrency exchanges to report suspicious transactions. The NPA has witnessed about 5,944 cases between January and October.