Despite the worldwide coronavirus pandemic, Japan continues to authorize more cryptocurrency exchanges to lawfully run in the nation. The newest one was approved on Monday, bringing the overall variety of legal crypto exchanges in Japan to 23.
First Approved Crypto Exchange This Year
Japan’s leading monetary regulator, the Financial Services Agency (FSA), signed up another cryptocurrency exchange operator on Monday. Japan legislated cryptocurrencies as a method of payment under the modified Payment Services Act back in April 2017 and crypto exchange operators are needed to sign up with the FSA. The firm began registering them in September 2017.
The newest one signed up by the FSA was Okcoin Japan, the Japanese subsidiary of Ok Group. Founded in September 2017, the Tokyo-based exchange has actually been approved to trade BCH, BTC, ETH, ETC, and LTC, according to the FSA’s site. The exchange will quickly release; it is presently accepting pre-registrations for account opening.
Okcoin Japan is also a member of the Japan Virtual Currency Exchange Association (JVCEA), a self-regulatory company approved by the FSA. The firm is carefully complying and exchanging info with the association. The JVCEA has actually developed some self-regulatory standards for crypto exchanges to follow.
All 23 FSA-registered crypto exchanges in Japan are “Class 1” members of the JVCEA. The company also has “Class 2” members consisting of business that are not yet accredited by the FSA, such as Coinbase, Payward Asia, and Wirex Japan.
23 Approved Crypto Exchanges in Total
Besides Okcoin Japan, there are 22 other signed up cryptocurrency exchange operators in the nation. In September 2017, 11 of them were signed up: Money Partners, Quoine, Bitflyer, Bitbank, SBI VC Trade, GMO Coin, Huobi Japan (previously Bittrade), Btcbox, Bitpoint Japan, Fisco Cryptocurrency Exchange, and Tech Bureau. Tech Bureau was obtained by Fisco after it was hacked in September 2018. However, the 2 platforms continue to run individually and are still noted on the FSA’s site as 2 different entities.
On Dec. 1, 2017, DMM Bitcoin, Taotao (previously Bitarg), Bitgate, and Xtheta were signed up. Bitocean did the same on Dec. 26. In 2018, no crypto exchange operator was signed up due to the hack of Coincheck, among the biggest crypto trading platforms in the nation. The FSA consequently tightened its oversight of the market, carried out on-site evaluations of exchanges, and modified its technique of approval. After the hack, Coincheck was obtained by Monex Group and was lastly signed up with the FSA on Jan. 11 in 2015.
In addition, the firm approved 5 more crypto exchange operators in 2015. Rakuten Wallet and Decurret were signed up on March 25, LVC on Sept. 6, Lastroots on Nov. 27 and Fxcoin on Dec. 24. LVC is a subsidiary of Line Corp., owner of Japan’s most popular chat app, Line. Soon after it effectively signed up with the FSA, the business introduced a crypto exchange called Bitmax.
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