The Financial Services Agency (FSA), the Japanese organization mandated to oversee its financial sector, has indicated that it intends to increase the size of its team in charge of cryptocurrency affairs.
The decision comes as a response to the overwhelming interest Japanese companies have shown in obtaining crypto exchange licenses. A fortnight ago, CryptoGlobe reported that as many as 160 cryptocurrency exchanges were seeking licenses to operate in Japan. 16 crypto businesses who had their licenses under review were also under the close watch of the FSA.
The FSA has so far taken its work seriously – with close monitoring of exchanges, supervision of unregistered dealers and on-site inspections of crypto businesses. There have also been frequent study-group meetings involving industry stakeholders since April. The meetings brought together crypto exchanges, lawyers, government officials, and scholars.
The institution now seeks to increase its capacity to carry out its mandate by increasing the size of its staff. According to Kiyotaka Sasaki, the FSA’s vice commissioner for policy commission, 12 more people will be added to the understaffed 30-man team in charge of the oversight of crypto-related activities in the country.
As revealed on Wednesday, during the fifth study-group meeting, the additional employees are expected to join the team by the beginning of 2019.
The Entire Crypto Industry in Japan Could Use More Employees
FSA data on the Japanese cryptocurrency industry shows that apart from the FSA itself, other organizations in the industry were also in need of more employees:
Many exchanges are managing large amounts of user assets with a small team (around $30 million per employee in average).
Data from Japanese cryptocurrency exchanges also reveal that they control assets amounting to $6.2 billion, representing a 553% increase in a year. Interestingly, most (75%) of the exchanges operate with staffs with less than 20 people.