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According to new insight into the Japanese financial agency’s review process of companies applying for a cryptocurrency exchange license, seven applications will be either approved or rejected within two months. Cointelegraph Japan reported on this development on Jan. 12.
The new information in regard to the review process offered by the Financial Services Agency (FSA) revealed that it involves a lengthy procedure that takes almost six months from the time of application — which includes the submission of answers to over 400 questions — to official decline or approval.
According to the FSA’s explanation, after receiving the answers, the agency communicates with the company to verify its business plan, governance, cybersecurity, management system, and anti-money laundering (AML) and counter-terrorist financing.
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