Demand for access to Japan’s cryptocurrency market is on the rise, with more than 190 cryptocurrency firms currently trying to enter the Japanese crypto space, the country’s Financial Services Agency (FSA) has revealed.
Speaking to news.Bitcoin.com, the top financial regulator in Japan confirmed that more than 190 operators have expressed interest in registering as cryptocurrency operators in the country.
This is an increase of 30 companies from when the regulator previously revealed the count in August, which at the time, included 160 operators.
“Including preliminary consultation/inquiries regarding registration, more than 190 operators are expressing their intention of market entry,” Japan’s FSA told news.Bitcoin.com.
According to the report, the FSA didn’t name any names or discuss specific applications. However, some of the companies have made their own announcements on their intention to enter the Japanese market.
NDFs and the Geopolitical Environment That Drives ThemGo to article >>
Some of these companies include Yahoo! Japan, Daiwa Securities Group which is the the second largest securities brokerage in Japan after Nomura Securities, Line Corp., Money Forward Inc., Drecom Co. Ltd., Yamane Medical Corp., Adways Inc., Avex Inc., Samurai & J Partners, Appbank Inc., I-Freek Mobile Inc., Forside Co. Ltd., Fasteps Co. Ltd and more.
At present, there are 16 licensed cryptocurrency exchanges in Japan including SBI Virtual Currency, GMO Coin, and more. Under Japanese regulation, cryptocurrency operators need to register with the FSA.
In addition to the licensed firms, the Japanese regulator has deemed Coincheck, Lastroots, and Everybody’s Bitcoin as dealers, meaning they can operate in the country’s crypto sector while their applications are being reviewed by the regulator.
Coincheck reportedly receives FSA approval
Coincheck made headlines at the beginning of this year when it was hacked and had more than $500 million in digital NEM tokens stolen. Following the hack, the cryptocurrency exchange suspended mostly all of its services.
However, since it was acquired by the Monex Group, the company has been slowly reintroducing services. Last week, as Finance Magnates reported, the FSA decided to approve Coincheck’s application for a cryptocurrency exchange, according to a report by the Japanese Nikkei newspaper.
However, in a quick response to the report, Monex Group outlined that it hasn’t confirmed the matter to the newspaper. But it did confirm that the application of Coincheck is under consideration by the Japanese authorities.