Exchanges

160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals

from The Bitcoin News 5 years ago 0 0 736

Japan’s top financial regulator has revealed exclusively to news.Bitcoin.com the number of crypto exchanges seeking to enter the Japanese market. The agency also confirms the number of existing exchanges that have exited the industry, leaving only three applications currently being reviewed.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Cryptocurrency exchanges in Japan are licensed by the country’s top financial regulator, the Financial Services Agency (FSA).

However, since the hack of Coincheck in January, the FSA has stepped up its oversight of crypto exchanges. It has issued many business improvement orders and temporary shut down some exchanges. With stricter rules to comply, a number of quasi-operators began to withdraw their applications and exit the industry.

An FSA representative told news.Bitcoin.com that, out of the original 16 quasi-operators:

Coincheck was acquired by Monex Group after the hack. While the FSA declined to comment on Coincheck’s specific application, Monex is hopeful that the exchange will be approved in September. Once approved, Coincheck will resume normal operations, including registering new members, Monex previously said.

No new companies have been approved this year, drawing speculation that the agency may have halted reviewing exchange operators.

However, the FSA confirmed to news.Bitcoin.com:

On Wednesday, the agency disclosed to news.Bitcoin.com the updated number of interested operators, stating:

What do you think of 160 exchange operators wanting to enter the crypto space in Japan while most of the quasi-operators have exited the market? Let us know in the comments section below.

Images courtesy of Shutterstock and the FSA.

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