Japan revamps regulator for fintech action
Japan has overhauled its Financial Services Agency to deal with fintech challenges such as virtual currencies and money laundering.
Japan
According to the Nikkei Asian Review, the newly created Strategy Development and Management Bureau has replaced the Inspection Bureau, tasked with containing financial crises.
There aren’t a lot of details, but the new bureau will devise financial policy strategy and handle fintech matters.
Administrative duties and inspections of financial institutions will also be handled by this bureau.
The Nikkei Asian Review adds that the Policy and Markets Bureau succeeded the Planning and Coordination Bureau and will work to create a comprehensive legal framework to cope with the rise of fintech as well as improve market policy.
As reported in January, the regulator has been keeping an eye on virtual currency exchanges before.
