Japan may welcome more than 100 cryptocurrency exchanges soon

13 Jul, 2019
by Manshi Soneji Mamtora
Japan may welcome more than 100 cryptocurrency exchanges soon

According to Bitcoin.com, Japan's financial regulatory body, Financial Services Agency (FSA) ends the moratorium of granting license to the new cryptocurrency exchanges. There are 110 pending applications for such crypto exchanges awaiting approval. 

Japan is one of the largest crypto-friendly jurisdiction, but the financial regulatory, FSA denied issuing license to new cryptocurrency exchange after the Coincheck hack in 2018. The hackers had stolen above $500 million worth cryptocurrencies. 

Reportedly there are about 110 exchanges waiting for approval. This year, however, FSA issued a license to only three exchanges including Coincheck after it was acquired by Monex Group, Rakuten Wallet (formerly Everybody’s Bitcoin) and Decurret.

Additionally, in 2018 the FSA began issuing 'improvement orders' to seize potential cases of fraud and started conducting on-site inspections. No licenses were granted in 2018, while 16 new exchanges were established in 2017.

While countries like China and South Korea were enacting restrictive policies on crypto assets and ICOs. in the year 2017, Japan was the first country to offer clear guidelines on crypto trading.

Japan now seems to be back with confidence that everything is in order and could proceed with granting more licenses. Over 100 exchanges have queued and are at various stages of the compliance process. 

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Read more about: Japan CoinCheck


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