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Japan’s Financial Services Agency plans to create a dedicated team to monitor crypto service providers as it moves to strengthen oversight of the sector, CoinPost reported.
According to the agency’s budget and staffing expansion plan for fiscal 2027, which runs from April 2027 to March 2028, 13 personnel will be assigned to address newly emerging financial services, including the new crypto monitoring team. The agency also plans to set up a team to strengthen oversight of electronic payment instrument operators and improve payment systems using digital technology, while assigning staff to address risks tied to the spread of new technologies such as AI.
The Financial Services Agency requested 4.8 billion yen ($32.8 million) for promoting growth investment, including the use of on-chain finance, and 6.4 billion yen ($43.8 million) for ensuring confidence in the financial system and protecting users, including cybersecurity and AI market monitoring.