News On Japan

Japan's crypto regulator warns exchanges self-regulating body, criticizes management

TOKYO, Sep 27 (cryptonews.com) - The Financial Services Agency (FSA), Japan's crypto market regulator, has issued a renewed warning to the Japan Virtual Currency Exchange Association (JVCEA), the country's crypto exchanges self-regulatory body, about the October full-scale implementation of FATF travel rules for crypto.

Local news outlet CoinPost reports that the FSA also criticized the management of the JVCEA. In particular, the financial market watchdog stated that it is dissatisfied with the JVCEA's speed in rolling out anti-money laundering rules, how the organization handles decision-making and communication, and how it handles delegating executive responsibilities.

In response, the JVCEA has stated that it is working to meet up with the FSA's standards, but still faces challenges. For one, its efforts to introduce anti-money laundering rules for crypto exchange in Japan have been undermined by the cross-border nature of the crypto market which has made reporting transactions difficult.

Masako Yamaga, a director of the JVCEA and a professor at Meiji University, remarked that implementing the travel rules will require international collaboration. Similarly, he noted management and communication challenges come from not having enough manpower with experience in crypto regulations.

Notably, this is not the first time the FSA is expressing its dissatisfaction with the JVCEA's pace of rolling out regulations. Back in July, Financial Times reported that the JVCEA was in the grips of an internal crisis that had the FSA bearing down on it.

At the time, the FSA emphasized the same concerns even as employees of the association sought to unionize to oppose the JVCEA's plans to downsize its employee headcount. The association had been struggling to keep running costs down as the crypto market entered bear territory globally. ...continue reading

News On Japan
POPULAR NEWS

Zao’s iconic snow monsters, the frost-covered trees known as 'juhyo,' face an existential threat. These towering, snow-laden trees have long been a winter highlight in the region, famously resembling monstrous figures covered in snow. However, their survival is now under severe threat.

EF Education First, a global education organization, published this year’s English Proficiency Index on Wednesday, ranking nations worldwide. Japan’s ranking stood at 92nd among 116 countries and regions, continuing a 14-year trend of record lows.

Ginzan Hot Springs in Yamagata, known for its Taisho-era charm, is now at peak season for autumn foliage. While this secluded onsen town is a well-known destination in the Tohoku region, an influx of foreign tourists has led local officials to implement restrictions on day visitors starting next month.

Japan's Ministry of Health, Labour and Welfare has announced plans to allow the sale of over-the-counter drugs at convenience stores without on-site pharmacists.

Japan's Ministry of Health, Labour and Welfare's advisory panel has outlined a proposal for amending the law to prohibit working more than 14 consecutive days. Under the current system, workers can technically work up to 48 days in a row through a system known as 'four-day-off-per-four-weeks,' while labor agreements also allow for holiday work, meaning there are no effective restrictions on consecutive workdays.

MEDIA CHANNELS
         

MORE Business NEWS

Rakuten Group reported an operating profit of 500 million yen for the quarter from July to September, marking a sharp turnaround from last year’s 54.4 billion yen loss and achieving its first quarterly profit in nearly four years.

Seven & i Holdings says it has received a buyout proposal from a company linked to the founder of its Ito-Yokado supermarket chain. (NHK)

Japan's Ministry of Health, Labour and Welfare has announced plans to allow the sale of over-the-counter drugs at convenience stores without on-site pharmacists.

Japan's Fair Trade Commission has issued a recommendation to publishing giant KADOKAWA and its subsidiary, citing violations of the Subcontract Act over 'unjust price cutting' practices involving compensation paid to freelance writers and photographers.

Japan's Ministry of Health, Labour and Welfare's advisory panel has outlined a proposal for amending the law to prohibit working more than 14 consecutive days. Under the current system, workers can technically work up to 48 days in a row through a system known as 'four-day-off-per-four-weeks,' while labor agreements also allow for holiday work, meaning there are no effective restrictions on consecutive workdays.

Renowned guitar brand Fender has partnered with the beloved character Hello Kitty in a new collaboration.

The number of corporate bankruptcies across Japan in October surpassed 900 cases, reaching a level not seen in 11 years.

Major izakaya chain operator Watami has acquired Subway Japan in a large-scale acquisition it views as a 'second founding,' aiming to establish a foothold in the fast-food market.