160 Crypto Exchanges Try to Enter Japanese Market
160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals
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No businesses are approved drawing speculation that the agency might have stopped reviewing exchange operators.
FSA Never Stopped Coding Software
On Wednesday, the agency disclosed to news.Bitcoin.com the updated number of curious operators, saying:
Cryptocurrency trades in Japan are accredited by the nation ’s top financial regulator, the Financial Services Agency (FSA).
Three Quasi-Operators Are abandoned
An FSA representative informed news.Bitcoin.com that, from the original 16 quasi-operators:
There are 3 quasi-virtual currency broker dealers still being examined: Coincheck, Everyone ’s Bitcoin Inc. [Minnano Bitcoin], along with Lastroots.
Considering that the hack Coincheck, the FSA started rigorously scrutinizing all crypto exchanges, 23 of which obtained an onsite inspection. The agency recently published a report detailing its findings.
Images courtesy of Shutterstock along with the FSA.
Japan’s top financial regulator has shown exclusively to news.Bitcoin.com the number of crypto exchanges trying to enter the Japanese marketplace. The agency affirms the number of trades that have exited the industry, leaving just 3 applications now being reviewed.
The FSA has accredited 16 crypto exchanges up to now. Moreover, it has allowed 16 more businesses, for example Coincheck, to run crypto trades while their applications are being examined. These businesses are sometimes known as “rdquo & quasi-operators; of all crypto exchanges.
Because the hack Coincheck in January, the FSA has stepped up its oversight of crypto exchanges. It has issued temporary and many business development orders closed down some trades. With more rigorous rules exit the business and numerous quasi-operators started to withdraw their applications.
What do you think of 160 exchange operators trying to enter the crypto area in Japan while the majority of the quasi-operators have exited the marketplace? Let us know in the comments section below.
Monex Group acquired coincheck following the hack. Even though s specific application, Monex is hopeful that the exchange will be approved in September. Once approved, Coincheck will resume regular operations, including registering new associates, Monex formerly said.
The FSA disclosed in July that about 100 businesses were interested in submitting an application for a license to run a crypto exchange. Among these are Line Corp and Yahoo! Japan. Line newly launched a market, Bitbox, that serves clients worldwide except those in Japan along with the U.S.. Before starting operations in 15, the company is waiting.
There’s not any fact that is such that we stopped reviewing process.
Including regarding enrollment, approximately 160 operators have been currently expressing their intention of market entrance.
160 Interested Firms
However, the FSA confirmed to news.Bitcoin.com: