We have positive news from Japan already, where they are going to perform a fundraiser to support the WEB3 applications in the country. The target of the fundraiser is set to $100 million, and the news which I already shared in the past week I guess.
However, it turns out Japan's friendliness towards crypto sector acceptance is yet to be set with proper guidelines. Recently, FSA has issued a warning to one of the major exchanges such as BitGet, BitForex, and MEXC Global who are said to be operating in Japan without proper registration. They concluded the business was being run unlawfully and for now, they are just under warning.
BitGet is a global player in the crypto exchanges and they have carefully stated that BG limited has proper registration in Seychelles and they would never operate without proper licensing.
A similar warning letter was issued by Japan FSA in the year 2021. Now, it's time to see how these regulatory frameworks will work in the future considering the nation is friendly towards crypto but always has some issues with exchangers or crypto companies at another end.
Japan's Financial Services Agency in a warning letter published on Friday said foreign crypto exchanges Bybit, BitForex, MEXC Global and Bitget are operating in the country without proper registration.
The regulator said at the time of the notice the exchanges were violating the country's fund settlement laws by "conducting crypto asset exchange business without registration" and also said the list of unregistered traders "does not necessarily indicate the current state of unregistered business."
Although Japan is working on new regulations for the crypto and Web3 sectors, the country hasn't cracked down on the industry as hard as some other larger economies such as the U.S. following what was a turbulent year for the markets in 2022.
When reached for comment, a representative for Bitget said the exchange will be getting in touch with the FSA "for more information."
"Bitget operates through BG Limited, a Seychelles-registered company. As a global crypto exchange, we are following the rules and regulations in Seychelles. All our operations and services remain normal at the moment and we will update our customers when there is an update," the representative said in an emailed statement to CoinDesk.
The FSA issued a formal warning letter to Bybit for operating without necessary permissions back in 2021.
Japan Regulator Flags 4 Crypto Exchanges Including Bybit for Operating Without Registration 
