The Japanese market for the exchange of cryptocurrencies is one of the most popular among the exchange houses. A new report reports that the Financial Services Agency in Japan (FSA) has submitted 160 requests for information from operators who have indicated willingness to start operations in the Japanese country. The financial supervisor had advanced so far last July that the figure for that time was 100 interested companies, which in a few weeks translates into a 60% jump.
According to a report released this Friday, August 31 by Bitcoin.com, the FSA has issued 16 licenses moreover, 16 more was allowed for exchange offices startupsincluding Coincheck, keep working partially while their requests were assessed.
Applications to obtain a license and work in Japan have increased, but so are the levels of supervision of the local authoritiesespecially after the hack to Coincheck in January, where they were stolen $ 530 million in NEM cryptocurrencies.
Once the authorities set the tone and became stricter, some of the companies awaiting the review they decided to leave of the industry, others were temporarily closed. The report also only provides that of the requests from the 16 original companies keep an eye on those of Coincheck, Everybody & # 39; s Bitcoin (Minnano Bitcoin) and Lastroots.
Among the companies waiting for the approval The FSA includes LINE Corp., which announced on Friday the launch of its cryptoactive link and its own blockchain. The Japanese company behind the popular Courier service announced last June that it is one house of change that would include operations with 30 cryptocurrencies, now including theirs.
Another one wait green light to start the transactions is Yahoo! Japan. In fact, the Yahoo Finance platform has already announced, Wednesday 29, that it is the cryptocurrency trade via his platform. The service is available to all agents in the United States.
Protection of the market
The 16 cryptocurrency bags that are active in Japan, authorized by the FSA, created a group in April of this year to regulate themselves and protect the market. The guild is called the Japan Virtual Currency Exchange Industry Association.
The intention of the organization is to take measures to protect the user and minimize the possibilities that cases like Coincheck occur. The members of the guild are: QUOINE, BitFlyer, GMO Coin, Bit Trade, Money Partners, Bit Argo Tokyo Exchange, Bit Bank, SBI Virtual Currency, BTC Box, BitPoint Japan, Bitcoin DMM, Bitgate, BITOCEAN, Fiscal Currency Exchange, Xtheta and Tech BURO.
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