Japan Takes Action Against Unregistered Cryptocurrency Exchanges as Big Eyes Coin Launches Mega-Presale in 2023

Published:

The Japanese Financial Services Agency (FSA) recently sent out a warning to four crypto exchanges – Bybit, Bitforex, MEXC Global and Bitget – for operating without the suitable registration. In comparison to other countries that have established strict regulations on the digital currency industry, Japan has taken a softer approach to this matter – however, the FSA’s warning letter still shows that the country is actively investing in cryptocurrency legislation.

Bybit, which had already been issued with a cautionary note in May 2021 for not having a licence, has also disabled USD deposits for customers since March 10th and was notified by Canada. This move is indicative of a global effort to enhance rules and regulations around cryptocurrency to stop occurrences such as the FTX disaster or Terra’s price crash.

Although Japan, together with its allies, Thailand and Singapore, has been relatively lenient with their approach to cryptocurrency markets, it has intervened in certain circumstances such as when it ordered crypto exchanges last year to not process any transactions with crypto-assets subject to sanctions against Ukraine and Belarus, which was linked to the war in Ukraine. Disregarding this rule could result in a 3-year jail sentence or a 1 million yen fine.

The country has asked for the U.S. and EU’s help to regulate crypto banks and has developed a yen-backed stablecoin, Progmat Coin, to facilitate settlement processes. It also recently approved an official stablecoin bill.

In spite of its more relaxed attitude, Japan is still open to changing its stance on the industry. After the FTX incident, the government wanted to make it easier for cryptocurrency exchanges to list tokens. As of December 28, 2022, the administering body for crypto exchanges informed companies they could list coins without pre-screening unless they had not been seen in Japan before.

Big Eyes Coin: The Meme-Coin with a Mission

Big Eyes Coin (BIG) is not just another meme-coin but offers investors a special chance to invest in an ecosystem where users can purchase adorable cat NFTs, win big prizes through buying loot boxes, and contribute towards environmental causes.

What sets this coin apart is its dedication to protecting the ocean’s health by devoting 5% of all tokens to this purpose. One of the most impressive aspects of this meme coin is its loot boxes, which can potentially increase returns by a whopping 5000%.

Japan will continue to grant cryptocurrency firms with operational freedom, however the FSA’s warning to unregistered exchanges shows that the country is still invested in controlling the industry. As events unfold, Japan’s approach to cryptocurrency could potentially change.

For venture capitalists looking for an investment opportunity that combines entertainment, benefit, and environmental sustainability, Big Eyes Coin may be the ideal option for their portfolio.

Find out more about Big Eyes Coin (BIG):

Presale: https://buy.bigeyes.space/

Website: https://bigeyes.space/

Telegram: https://t.me/BIGEYESOFFICIAL

Related articles

Recent articles