Japan is taking a strong control over virtual currency exchanges in the country. The Financial Services Agency or FSA of Japan's move would be applicable to Bitcoin and all other digital currencies. Japan has been a nerve center of bitcoin exchange markets.
The regulator is aiming for a sound market development, while Bitcoin has been climbing high from January 2017. The price and demand increased in the last eight months - from $997 in January to more than $4500 in the last few months. Currently the value is around $3919.
There are around 20 crypto-currency exchanges in Japan - all run by private companies. FSA has directed the exchanges to register prior to the end of of September. The agency will also conduct surveillance and on-site inspections.
The fluctuation of the value of digital currencies has been a concern for authorities in several countries. Recently funds have been raised through initial coin offering of crypto-currencies.
A few weeks back, China also started cracking down of Bitcoin trading. Initial Coin Offering were banned in China to check issuance of virtual token instead of shares. The efforts of Chinese authorities have put much pressure on the digital currency exchanges, leading to the decline in value.
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