It was since mid-May that the cryptocurrency industry had taken a very bad fall. Despite making several attempts for making a comeback, the cryptocurrency industry was unable to achieve any success. However, the cryptocurrency operating sector did not lose hope and continued doing all, which was in their power and authority.
Their efforts of bringing reforms to the cryptocurrency industry finally paid off and the cryptocurrency industry has now made a comeback.
Once again, the cryptocurrency industry is close to hitting its $2 trillion market valuation. This has brought back many more investors including the mainstream institutions back to the cryptocurrency industry. The recent rebound demonstrated by the crypto-verse has made it even more reliable and secure for people from an investment point of view.
The constant downs and then rebounds in the cryptocurrency industry have made the industry even more profitable for investors. Now, the cryptocurrency industry is looking to be more profitable and lucrative than ever. This is the reason why more investors are coming to the platform and the daily crypto-trading volumes have observed a tremendous rise on a global scale.
Although it is the perfect opportunity for investors to benefit from the industry’s trades, it is also proving as a perfect safe passage for criminals and money launderers.
With the passage of time, the cryptocurrency industry is becoming more and more plagued because of criminal activities, money laundering, and cyber-hacks. Although the sector is less responsible for the origin of such activities, yet its decentralized and less regulated nature makes it more liable than fiat currencies.
This is the reason why the regulatory authorities from all over the world have become even more active around compliance with crypto-regulations.
This is the reason why the financial regulatory authority from Japan has become very active in the implementation of stricter regulations surrounding cryptocurrencies. The sources reveal that the Financial Services Agency (FSA) is already in talks with other regulators in regards to implementing stricter regulations against cryptocurrencies.
According to the Financial Services Agency, all the efforts they are making are to provide a safe and protected trading environment to their investors. They want their local investors fully protected and safe from any kind of legalities that may come their way if they end up trading through illegal sources.
It has been revealed by local sources that the regulatory authority in Japan is aiming to introduce new regulations surrounding cryptocurrencies by mid of 2022. This way, the Financial Services Agency is aiming to bring more stability to the cryptocurrency sector within the country.
They are also aiming to provide the cryptocurrency sector a risk-free and secured passage in the country. This way, both the regulatory authorities and the cryptocurrency sector would be able to introduce more innovation and development in both sectors.