TechFlow News, March 27: According to a Cointelegraph report, Japan’s Financial Services Agency (FSA) issued a new announcement on Thursday, adding KuCoin, NeonFX, theoption, and GTCFX to its list of entities “engaging in financial instruments business without registration.” The reason cited is that these platforms solicit over-the-counter (OTC) derivatives trading from users via the internet. Notably, the FSA specifically pointed out that KuCoin—headquartered in Seychelles—has been providing such services to Japanese residents.
This warning comes as the FSA advances its effort to shift Japan’s cryptocurrency regulatory framework from the Payment Services Act to the Financial Instruments and Exchange Act. The new framework will strengthen regulators’ enforcement authority over unregistered platforms and introduce significant changes to disclosure requirements for initial exchange offerings (IEOs) and token issuers.
