The Japanese Financial Services Agency (FSA) has asked Apple and Google to block downloads from crypto -exchange apps that are active in the country without the correct registration, local media reported on 7 February.
According to sources that are familiar with the issue, Apple has removed the apps from the App Store, while Google has not yet noticed whether it will follow this example. This is the first time that the Japanese supervisor has made such a request.
The intended fairs include Bybit and Mexc Global. Three other overseas fairs were also identified, but have not yet been mentioned publicly.
According to the Japanese Payment Services Act, Crypto fairs must register with the FSA to work legally in the country. This requirement ensures compliance with anti-money laundering practices (AML) and investor protection laws.
FSA -performance
The FSA has long had the regulations on sharpening crypto exchanges, so that they have to adhere to strict know-Your-customer (KYC) and AML rules.
The agency had previously given repeated warnings to Bybit, Mexc Global and other companies to stop the activities that focus on Japanese residents. However, the stock markets would reportedly allow users in Japan to gain access to their platforms, allowing the agency to escalate its enforcement measures.
Japan maintains one of the world’s most rigorous regulatory frameworks for cryptocurrency. This system was implemented according to the controversial MT. Gox and Coincheck hacks, which resulted in billions of yen in loss of customers.
Registered scholarships in Japan must save customer funds separately from business assets, maintain high -protection standards and meet periodic audits carried out by the FSA.
The FSA’s request emphasizes Japan’s dedication to enforce compliance within its crypto sector, but it also raises questions about how large technology companies such as Apple and Google enforce legal requirements of governments.
Industrial analysts say that the relocation could not put pressure on exchanges to ask compliance with whether the Japanese market can leave completely.