- 09 Jul, 2018
The land of the rising sun officially recognised bitcoin as a parallel currency on April 1, 2017. Adoption of the new law recognized bitcoin as a legal tender and brought cryptocurrencies under the purview of regulatory scrutiny. The existing regulations which governed banks and financial institutions are applicable to cryptocurrency exchange platforms. Japanese regulators have approved 11 companies to operate cryptocurrency exchanges in the country. They also issued strict anti-money laundering (AML), Know Your Customer (KYC) information, annual audits and cyber security requirements to ensure consumer protection.
This stunning move will unquestionably pacify the impact had by the recent China’s crack-down on cryptocurrencies. The licenses granted to 11 cryptocurrency exchanges has rejuvenated the global cryptocurrency market. A swift resurgence in crypto-market brought by this event had demeaned the power, otherwise enjoyed by countries like China and South Korea.
Cryptocurrency exchanges and cryptocurrencies traded
Japan’s Financial Services Agency has approved following 11 cryptocurrency exchange operators. The agency is reviewing another 17 applications who seek approval for cryptocurrency exchanges. Of the following operators, Bitbank is the only foreign player to receive regulatory approval. Different cryptocurrency exchanges will trade different cryptocurrencies. The list also includes list of digital tokens traded by approved cryptocurrency exchanges.