The financial regulator reminded that in order to conduct business legally, all cryptocurrency platforms must undergo a licensing procedure with the FSA. However, the exchanges KuCoin, Вitcastle, Bybit Fintech, MEXC Global and Bitget did not go through this procedure and provide services to Japanese users without the permission of the regulator.
The FSA noted that the operational activities of unregistered crypto platforms are not fully controlled by Japanese supervisory authorities, and in the event of problems or unforeseen circumstances, their assets are not subject to protection or compensation in accordance with local law. For example, the FSA will not be able to prohibit exchanges from transferring digital assets of Japanese residents to a foreign head office in the event of bankruptcy of a cryptocurrency platform.
Previously, the FSA stated that it is ready to revise the provisions of the Tax Code, which will reduce the current tax rate on crypto assets for all market participants in 2025.
Source: Bits
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