Japan FSA Asks Exchanges to Implement Anti-Scam Safeguards

Japan's financial regulator has asked crypto exchanges to implement new safeguards against scams. The request, made jointly with Japan's National Police Agency, focuses on withdrawal delays and stronger identity checks.

The Financial Services Agency (FSA) sent its request to the Japan Virtual and Crypto Assets Exchange Association, the industry's self-regulatory body.

One of the main requests is for exchanges to add a waiting period on crypto withdrawals. This would apply after a customer deposits fiat currency or buys digital assets.

Exchanges are also asked to require users to register withdrawal addresses in advance, with a new address needing a waiting period before it can be used for a transfer.