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The primary con of MONEY SQUARE’s regulation is that the FSA is a national regulator, and it doesn’t provide the same level of global protection as top-tier regulators such as the FCA or ASIC. As a trader, I prefer MONEY SQUARE brokers that have international regulatory oversight, especially for large transactions, as these regulators offer more investor protections like compensation schemes. While the FSA ensures the broker operates legally in Japan, I would be cautious if I were trading significant sums or operating outside of Japan, as I would prefer broader regulatory protection.