160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals

Japanís 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.

Three Quasi-Operators Are Left

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

160 Crypto Exchanges Seek to Enter Japanese Market, Regulator RevealsThe FSA has licensed 16 crypto exchanges so far. In addition, it has allowed 16 more companies, including Coincheck, to operate crypto exchanges while their applications are being reviewed. These companies are sometimes referred to as ďquasi-operatorsĒ of crypto exchanges.

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:

There are three quasi-virtual currency broker dealers still being reviewed: Coincheck, Everybodyís Bitcoin Inc. [Minnano Bitcoin], and Lastroots.

Coincheck was acquired by Monex Group after the hack. While the FSA declined to comment on Coincheckís 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.

FSA Never Stopped Reviewing Applications

Since the hack of Coincheck, the FSA began rigorously†inspecting all crypto exchanges, 23 of which received an on-site inspection. The agency recently released a report detailing its findings.

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:

There is no such fact that we stopped reviewing process.

160 Interested Companies

The FSA revealed in July that about 100 companies were interested in applying for a license to operate a crypto exchange.†Among them are Line Corp†and Yahoo! Japan.†Line recently launched an exchange, Bitbox, that serves customers globally except those in Japan and the U.S. The company is waiting for the FSAís approval before beginning operations in Japan.

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

Including preliminary consultation/inquiries regarding registration, around 160 operators are expressing their intention of market entry.

31.08.2018 / 04:30 70
Japanese Regulator Confirms 8 Crypto Exchanges Want Out, 100 Want In Japanese Regulator Confirms 8 Crypto
The Japanese financial regulator has confirmed that so far eight companies have expressed the intention to withdraw their applications to operate
Japan Revises Registration Rules for Cryptocurrency Exchanges Japan Revises Registration Rules for
The Japanese financial regulator has revised its rules and procedures for registering cryptocurrency exchanges following the hack of Coincheck and
Two Japanese Cryptocurrency Exchanges to Shut down Amid Coincheck Hack Fallout: Report Two Japanese Cryptocurrency Exchanges
The increased scrutiny by Japanís financial regulator following Coincheckís infamous $530 million NEM theft will reportedly see two cryptocurrency
Japan Punishes Seven Cryptocurrency Exchanges, Suspending Two Japan Punishes Seven Cryptocurrency
The Japanese financial regulator has punished seven cryptocurrency exchanges in the country, suspending the operation of two of them. ďThe agency
Japanese Financial Regulator Issues Punishment Notices For 7 Crypto Exchanges Japanese Financial Regulator Issues
The Japanese financial regulatory agency has sent business improvement orders to 7 crypto exchanges, including Coincheck, and halted activity at 2
Unregistered Japanese Crypto Exchanges Could See Suspension Orders: Report Unregistered Japanese Crypto Exchanges
Upon completion of its first phase of inspecting cryptocurrency exchanges, Japanís financial regulator is reportedly set to issue business suspension
Comments (0)
Add a comment
Comment on