🕵️ Japanese regulator publishes results of crypto exchange inspections

The Financial Services Agency (FSA) of Japan recently published the results of on-site inspections it conducted for cryptoasset exchanges. Based on findings the agency will increase oversight for new exchanges hoping to obtain a license including early on-site inspections. In addition, the report shows issues with current exchanges related to risk management and compliance, internal audits, and corporate governance. While the total value of assets held by exchanges in the country was $7.1 billion, most exchanges had less than 20 employees meaning that one employee on average was found to be managing digital assets worth 3.3 billion yen ($29.7 million).