Japanese regulator officially grants permission to 11 crypto exchanges

Japan is once again taking a good step towards a solid bitcoin market. After bitcoins were previously designated as legal tender, the regulator has now officially granted permission to crypto exchanges.

Japan appears to take the opposite approach compared to neighboring China. While the Chinese authorities are increasingly trying to suppress the rise of Bitcoin, Japan seems to be on good terms with the digital currency. Since April, bitcoin exchanges, among other things, have had to comply with new regulations.

The Japanese regulator FSA (Financial Services Agency) ensures that investors are protected against unsound practices and exchanges such as the previously collapsed Mt Gox. The new and future regulations will have to support the emergence of this new fintech phenomenon.

There are now eleven licensed exchanges that have received approval from the FSA. Currently, 17 exchanges are still awaiting approval from the FSA for a license. Twelve companies have decided in advance to halt all trading activities and not to apply to the FSA.

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