On July 15, it became known that the Financial Services Agency (FSA) ends a moratorium on licensing new cryptocurrency exchanges. About 110 pending applications were officially recorded.
New Exchange in Japan
Today, Japan is strongly committed to the further development of the crypto-system in the country, and is ready to continue issuing licenses to exchange structures.
Already more than 100 exchanges stand in a queue and are at different stages of the verification and confirmation process.
Japan is one of the largest cryptocurrency jurisdictions, but until recently, the FSA financial authority refused to issue licenses to new cryptocurrency exchanges, after hacking Coincheck in 2018, when hackers stole cryptocurrencies worth more than $ 500 million. More about Coincheck hacking on our website.
This year, FSA licensed only three exchanges, including Coincheck, after it was acquired by the Monex Group.
In addition, in 2018, the FSA began issuing “orders” to improve the security system to identify potential cases of fraud and began conducting thorough checks.
While countries such as China and South Korea introduced restrictive policies on crypto-assets and ICOs, in 2017, Japan was the first country to offer clear recommendations on cryptocurrency.
Renewal of a license to open new exchanges in Japan. Recall, on April 19, the Japanese financial regulator issued requirements for stock-exchanges to increase internal control over crypto-wallets that are not connected to the Internet.
Editor: Yuliya Soroka