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The Financial Services Agency (FSA) is pushing to ensure the
security of virtual currencies as Japan aims to leverage the
fintech industry to stimulate economic growth.
The FSA conducted inspections at Huobi Japan Inc and Fisco
Cryptocurrency Exchange Inc, both of which recently underwent
major changes to management structures, the sources said,
declining to be identified because they are not authorized to
speak to the media.
The FSA investigations were designed to ensure appropriate
measures have been implemented for customer protection and legal
compliance after the management changes, the sources said.
A Huobi representative declined to comment on the FSA
inspections or communications with the regulator. Fisco did not
respond to multiple requests for comment.
Huobi Japan was established last year after Singapore-based
Huobi Group acquired the government-registered BitTrade
exchange.
Fisco Cryptocurrency Exchange, owned by JASDAQ-listed financial
information provider Fisco Ltd, took over another
government-registered exchange, Zaif, from another company, Tech
Bureau, after Zaif suffered a $60 million cryptocurrency heist.
Japan in 2017 became the first country to regulate
cryptocurrency exchanges at a national level, hoping to
encourage technological innovation while ensuring consumer
protection. Exchanges have to register with FSA and required
reporting and other responsibilities.
(Reporting by Takahiko Wada; Writing by Makiko Yamazaki; Editing
by David Dolan & Kim Coghill)
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