Cryptocurrency has been all over the world. These digital assets have an interest with people globally. Its unique characteristic; decentralization, complete privacy, no central governance, and the most potent crypto accessibility which gives high ranking security, are the reason for people investing in cryptocurrency.
As time goes by, there are more than 800 cryptocurrencies that run the digital world. To start off with cryptocurrency, knowledge about this new technology must be understood. Research about the wallets, the backup plan, the passphrases, and the company is obligatory.
With the invention of Crypto Screener like Bitscreener launched in 2017; used by Bitcoin holders, created by enthusiastic developers, software engineers, and professional, there is the possibility of filtering cryptos that store data. It allows monitoring of many cryptocurrencies possible.
Recently, Japan launched a crypto Screener requirement for safety measures. They are yet seeking approval from the center.
The Japanese cryptocurrency market has grown extremely fast and significantly. Last year that was 2017, the market cap has reached $97 Billion, and it was estimated that over 3.5 million uses cryptocurrency with over 23 cryptocurrency exchanges operating (Cryptovest, “Japan’s Crypto Market Reaches $97B in 2017”)
With the growth of cryptocurrency in Japan, the authority has added a new rule, requiring extensive screening for cryptocurrencies. September 2018 saw the introduction of a new screening requirement for the crypto exchange.
Japan’s Financial Service Agency (FSA) was reported to check on the registration screening for cryptocurrency exchanges. The FSA is a Japanese government entity, responsible for overseeing any financial institution in Japan, and also ensuring its stability. The FSA investigated how well the risk management is conducted. Therefore, they are responsible for ensuring the safety of what enters their country. Especially after the hacking of Coincheck in January
The number of queries asks have increased 400 times, fourfold, when the screening takes place. The bureau also issued the company improvement requests to six licensed cryptocurrency exchanges. With the FSA in hand, Japan’s financial measures have increased manifold.