Japan’s FSA Directs Apple and Google to Remove Five Crypto Apps
The Japanese government has requested Apple and Google to remove five unregistered cryptocurrency exchange apps from their app stores. This action targets exchanges that have not registered with the Financial Services Agency (FSA), including Bybit, MEXC Global, LBank Exchange, KuCoin, and Bitget.
Apple's Compliance
- Apple has removed the specified apps from its App Store.
- Google has not yet responded to the FSA's request.
- Exchanges operating without FSA registration risk increased fraud and financial instability.
The FSA asserts that all cryptocurrency exchanges must register to ensure investor protection and market stability.
Regulatory Context
- This regulatory approach follows past incidents like the 2014 Mt. Gox hack, resulting in $9.4 billion in losses, and the 2018 Coincheck breach of over $530 million.
- The FSA aims to protect consumers rather than ban crypto investments.
- Japan's new tax reform for 2025 will treat digital assets similarly to traditional financial assets, indicating a commitment to integrating crypto.
In contrast, Hong Kong is adopting a more expansive regulatory framework for crypto operations, including spot Bitcoin and Ethereum ETFs.