On Wednesday, Japan’s Financial Services Agency (FSA) announced it Exchanged of Letters for Cooperate Framework on fintech with the Swiss Financial Market Supervisory Authority (FINMA). According to the organization, this Cooperate Framework recognizes the global nature of innovation in financial services and intends to enhance the relationship with FINMA on fintech. Contents of the Letters included:
- The Authorities intend to refer Financial Innovators each other and to provide support to them.
- The Authorities intend to share information on fintech.
The Exchange of Letters with FINMA comes less than two weeks after the FSA issued Binance a warning regarding cryptocurrency exchanges that operate without being registered with the FSA. Binance is notably considered one of the largest cryptocurrency exchanges in the world and recently experienced a hacking incident.