Just recently the Japanese exchange Coincheck announced they have become the first licensed exchange in Japan after being approved by the country’s Finance Bureau Director.
Japan’s Financial Services Agency Approves Coincheck as the Country’s First Licensed Cryptocurrency Trading Platform
On September 13 the Japanese bitcoin trading platform and payment processor, Coincheck, announced the firm had been approved to be a licensed “virtual currency exchange.” The exchange registration approval follows the provisions of Article 63-3 of the country’s fund settlement law. After bitcoin was legalized as a form of payment on April 1, 2017, all domestic exchanges in Japan must receive authorization from the treasury department and Financial Services Agency (FSA) to operate a virtual currency exchange business.
At the time Coincheck was extremely pleased to see the Japanese statutes pass and said the “newly made law and regulations on bitcoin are going be enormous.” Further, the exchange revealed at the time that all exchange providers must be approved by the FSA.
“In order to make the exchanges more secure, cryptocurrency has been handed over to the authority of the FSA,” explains the Coincheck blog this past June.
All the exchange providers and other companies that deal with virtual currency will need to be registered by the FSA before they can start operation. It will help to make cryptocurrency exchanges in Japan tighter, more secure, have scrupulous control.
Coincheck Expands as Japanese Bitcoin Enthusiasm Continues to Grow
Japan has often captured the number one spot in global bitcoin trade volume. Coincheck handles a lot of bitcoin trade volume as the trading platform swapped 97,502 BTC over the past 24-hours. Further back in May the firm announced the creation of interest-bearing bitcoin savings accounts, if the FSA would allow the concept. This past August Coincheck launched a new investment sandbox that tends to crypto-startups and organizations running initial coin offerings (ICO).
The Japanese trading platform’s new licensure approval follows the demise of the country’s infamous bitcoin exchange Mt Gox and reveals that officials are more comfortable with exchange operations. Moreover, the positive news comes at a time when Chinese bitcoin trading platforms have been forced to close most of its operations.
What do you think about Coincheck getting approved as a licensed bitcoin exchange in Japan? Let us know in the comments below.
Images via Shutterstock, and Coincheck.
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