Japan Authorizes Four Cryptocurrency Exchanges

Earlier this September, 11 Japanese Bitcoin exchanges received FSA license. This Monday, Japan Authorizes Four Cryptocurrency Exchanges. What are the new additions to the list of legal Japanese cryptocurrency exchanges?

5 December, AtoZForex The key financial regulator of Japan, the Financial Services Agency (FSA) has approved the operation of four new cryptocurrency exchanges in the country. The authorized exchanges emerge as a second part of the firm approved by the officials. Earlier this September, the FSA has given permission to operate to another batch of digital currency exchanges, consisting of 11 companies.

Japan Authorizes Four Cryptocurrency Exchanges

The official statement of FSA notes that only 15 authorized exchanges have the right to trade digital currencies. In fact, only the cryptocurrencies handled on these exchanges are ok to “meet the definition under the fund settlement law.”

The latest four exchanges to join the list of authorized cryptocurrency exchanges in Japan are the Tokyo Bitcoin Exchange Co. Ltd., FTT Corp., Bit Arg Exchange Tokyo Co. Ltd., and Xtheta Corp.

Out of the four exchanges, only the last one has the right to trade multiple cryptocurrencies. These include Bitcoin Cash (BCH), Ripple (XRP), Litecoin (LTC), Ethereum (ETH), Ethereum Classic (ETC), NEM (XEM), and Monacoin (MONA), as well as counterparty tokens (XCP). Other exchanges are only authorized to trade Bitcoin.

Japan Cryptocurrency Exchanges Regulation

As per the official remarks from the FSA, other applicants for the operation in the cryptocurrency market are still undergoing the scrutiny. In fact, the FSA has already rejected 12of the applications due to non-compliance with the registration requirements. These exchanges have stopped their operations.

In the FSA’s pipeline, there is the second biggest Bitcoin exchange in Japan, Coincheck. The exchange has released a statement on the 1st of December claiming that its application to become a “virtual currency exchange trader” has been submitted in the middle of September. The company has highlighted that the application is still under review.

In the meantime, the Japanese watchdog has issued a document with the information about its administrative policies. These include policies covering digital currencies and initial coin offerings (ICOs). The FSA’s directive aims to clarify how the agency will oversee the digital currency exchanges and their activities.

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