The increased regulation does a lot of harm to Japanese crypto markets. First Binance announced it will be moving to Malta, now two exchanges: Mr.Exchange and Tokyo GateWay are said to be ceasing operations giving regulations as the reason. They both widrawn previously filled applications to the FSA.
"More are expected to follow, as the FSA has given several exchanges a chance voluntarily close before ordering them to do so."
Will this send a strong enough signal to Japanese authorities saying that they may be loosing the competitive advantege over other countries in this new technology sector? This may be a wake up call for the Japanese government. Tomorrow it may be too late.
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