Japan has overhauled its financial regulator, the Financial Services Agency (FSA), in order to better deal with fintech-related fields, including cryptocurrencies. Changes were made to various bureaus in order to make the organization more suited to address new problems and challenges in the financial sector.
Starting July 17, the newly created Strategy Development and Management Bureau, which replaced the Inspection Bureau, will develop a financial strategy policy and handle issues addressing the digital currencies market, fintech, and money laundering. Additionally, the bureau will be responsible for administrative duties and inspection of financial institutions.
The Policy and Markets Bureau will succeed the Planning and Coordination Bureau, and is tasked with developing a legal framework that addresses the rapid growth of the fintech sector. The Supervision Bureau remained unchanged.