Over 100 Crypto Exchanges Seek Licenses from Japan's FSA
- So far, three licenses have been granted this year; no licenses were granted throughout the duration of 2018.
One hundred ten cryptocurrency exchanges are in “various stages of registration” with Japan’s Financial Services Agency (FSA), according to a statement that the regulator made to Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term.com earlier this week.
The figure is especially surprising considering the fact that the FSA did not approve a single cryptocurrency exchange to operate within the country throughout 2018. The FSA approved only 16 exchanges in 2017.
Indeed, it seems that the FSA’s attitude toward granting the licenses is continuing to evolve in a more positive direction.
Three exchanges have been approved by the agency so far this year - Rakuten Wallet (previously Everybody’s Bitcoin) and Decurret were approved on March 25; on January 11, Coincheck was registered (following its acquisition by Monex.)
If the exchanges manage to gain approval from the agency, they will be required to comply with the requirements introduced in the Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term Services Act and Financial Instruments and Exchange Act that was passed by the Japanese legislature on March 31, although the act will not be enforced until April of 2020.
Both of the acts introduced stricter obligations around data protection, custodianship, and the onboarding of new customers. Licensing fees are also more expensive under the acts.
Is the FSA Re-Opening Its Heart to Crypto?
It appears that 2018 may have been a year for the FSA to restructure its licensing process as well as the ways that it enforces the regulations it has put in place following the Coincheck hack that occurred in January of that year - $530 million in cryptocurrency was stolen, the largest cryptocurrency theft in history.
Indeed, over the course of the year, the FSA began issuing “business improvement orders” to exchanges that weren’t making the cut for licensure. The Agency also began conducting on-site inspections of cryptocurrency exchanges, and eventually began forcing shutdowns of exchanges that were repeatedly unable to meet the requirements necessary for receiving a license.
But exchanges who have managed to stay open throughout the last two years may also benefit from the FSA’s evolving attitude.
Previously, Japanese cryptocurrency exchange Bitflyer eventually agreed to stop opening new domestic customer accounts in order to stay compliant with the FSA’s strict KYC requirements. However, the exchange announced on July 3rd that it was accepting new Japanese users once again.
One hundred ten cryptocurrency exchanges are in “various stages of registration” with Japan’s Financial Services Agency (FSA), according to a statement that the regulator made to Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term.com earlier this week.
The figure is especially surprising considering the fact that the FSA did not approve a single cryptocurrency exchange to operate within the country throughout 2018. The FSA approved only 16 exchanges in 2017.
Indeed, it seems that the FSA’s attitude toward granting the licenses is continuing to evolve in a more positive direction.
Three exchanges have been approved by the agency so far this year - Rakuten Wallet (previously Everybody’s Bitcoin) and Decurret were approved on March 25; on January 11, Coincheck was registered (following its acquisition by Monex.)
If the exchanges manage to gain approval from the agency, they will be required to comply with the requirements introduced in the Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term Services Act and Financial Instruments and Exchange Act that was passed by the Japanese legislature on March 31, although the act will not be enforced until April of 2020.
Both of the acts introduced stricter obligations around data protection, custodianship, and the onboarding of new customers. Licensing fees are also more expensive under the acts.
Is the FSA Re-Opening Its Heart to Crypto?
It appears that 2018 may have been a year for the FSA to restructure its licensing process as well as the ways that it enforces the regulations it has put in place following the Coincheck hack that occurred in January of that year - $530 million in cryptocurrency was stolen, the largest cryptocurrency theft in history.
Indeed, over the course of the year, the FSA began issuing “business improvement orders” to exchanges that weren’t making the cut for licensure. The Agency also began conducting on-site inspections of cryptocurrency exchanges, and eventually began forcing shutdowns of exchanges that were repeatedly unable to meet the requirements necessary for receiving a license.
But exchanges who have managed to stay open throughout the last two years may also benefit from the FSA’s evolving attitude.
Previously, Japanese cryptocurrency exchange Bitflyer eventually agreed to stop opening new domestic customer accounts in order to stay compliant with the FSA’s strict KYC requirements. However, the exchange announced on July 3rd that it was accepting new Japanese users once again.