The Number of Approved Cryptoexchanges in Japan Rises Despite Pandemic

April 5, 2020   Bitcoin

Despite the global coronavirus pandemic, Japan continues to approve more cryptocurrency exchanges to legally operate in the country. The latest one was approved on Monday, bringing the total number of legal crypto exchanges in Japan to 23.

First Approved Crypto Exchange This Year


Japan’s top financial regulator, the Financial Services Agency (FSA), registered another cryptocurrency exchange operator on Monday. Japan legalized cryptocurrencies as a means of payment under the amended Payment Services Act back in April 2017 and crypto exchange operators are required to register with the FSA. The agency started registering them in September 2017.

The latest one registered by the FSA was Okcoin Japan, the Japanese subsidiary of Ok Group. Founded in September 2017, the Tokyo-based exchange has been approved to trade BCH, BTC, ETH, ETC, and LTC, according to the FSA’s website. The exchange will soon launch; it is currently accepting pre-registrations for account opening.

Japan’s top financial regulator, the Financial Services Agency, has registered Okcoin Japan to trade five cryptocurrencies, including BCH and BTC.

Okcoin Japan is also a member of the Japan Virtual Currency Exchange Association (JVCEA), a self-regulatory organization approved by the FSA. The agency is closely cooperating and exchanging information with the association. The JVCEA has established some self-regulatory guidelines for crypto exchanges to follow.

All 23 FSA-registered crypto exchanges in Japan are “Class 1” members of the JVCEA. The organization also has “Class 2” members comprising companies that are not yet licensed by the FSA, such as Coinbase, Payward Asia, and Wirex Japan.

23 Approved Crypto Exchanges in Total


Besides Okcoin Japan, there are 22 other registered cryptocurrency exchange operators in the country. In September 2017, 11 of them were registered: Money Partners, Quoine, Bitflyer, Bitbank, SBI VC Trade, GMO Coin, Huobi Japan (formerly Bittrade), Btcbox, Bitpoint Japan, Fisco Cryptocurrency Exchange, and Tech Bureau. Tech Bureau was acquired by Fisco after it was hacked in September 2018. However, the two platforms continue to operate independently and are still listed on the FSA’s website as two separate entities.

Japan legalized cryptocurrencies as a means of payment in April 2017 and all crypto exchanges are required to register with the FSA.

On Dec. 1, 2017, DMM Bitcoin, Taotao (formerly Bitarg), Bitgate, and Xtheta were registered. Bitocean followed suit on Dec. 26. In 2018, no crypto exchange operator was registered due to the hack of Coincheck, one of the largest crypto trading platforms in the country. The FSA subsequently tightened its oversight of the industry, conducted on-site inspections of exchanges, and revised its method of approval. After the hack, Coincheck was acquired by Monex Group and was finally registered with the FSA on Jan. 11 last year.

In addition, the agency approved five more crypto exchange operators last year. Rakuten Wallet and Decurret were registered on March 25, LVC on Sept. 6, Lastroots on Nov. 27 and Fxcoin on Dec. 24. LVC is a subsidiary of Line Corp., owner of Japan’s most popular chat app, Line. Soon after it successfully registered with the FSA, the company launched a crypto exchange called Bitmax.

Share
Pin
Send
Share
Share

Related Crypto News and Promotions




Top upcoming ICOs

ICOs Rating Days left
1 DogData 5 32
2 2local 5 63
3 SerenitySource 5 92
4 Geco.one 5 93
5 Tycoon 5 93
6 Pawtocol 4.9 64
7 Curate 4.9 85
8 Ledder 4.9 93
9 IdeaFex 4.9 627
10 BitWings 4.8 1

ICOs rating

Top Cryptocurrencies

Сryptocurrency CVIX Price Change, 24h
Bitcoin 29 $10 884.32 2.05%
Ethereum 50 $363.42 3.08%
Tether 1 $1.00 0.06%
XRP 37 $0.245199 2.28%
Bitcoin Cash 47 $231.02 5.54%
Binance Coin 66 $26.79 3.20%
Polkadot 50 $4.49 7.00%
Chainlink 74 $10.67 3.98%
Cardano 53 $0.103559 7.75%
Bitcoin SV 40 $172.92 6.34%

Cryptocurrencies rating

Top Crypto Brokers

Broker Status
1 FIBO Group information
2 XM information
3 OctaFX information
4 101investing information
5 T1Markets information
6 easyMarkets information
7 Orbex information
8 LH Crypto information
9 USGFX information
10 FOREX.com information

Brokers rating

Top Crypto Exchanges

Exchange Volume change, 24h
1 Binance 36.37%
2 ZG.com 2.65%
3 HBTC 13.25%
4 CITEX 11.02%
5 TAGZ Exchange 11.50%
6 Bidesk 14.76%
7 IDCM -11.63%
8 Bitribe 17.13%
9 Binance.KR 33.14%
10 Chiliz 16.90%

Exchanges rating