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110 cryptocurrency exchanges seek to enter Japanese market

Tokyo, Japan.Derrick Brutel/Flickr

Wed, 10 Jul 2019, 09:46 am UTC

With Japan being one of the biggest economies in the world and having a substantial gadget-centric population along with crypto-friendly regulations, it’s the perfect ecosystem for cryptocurrency. This is why over 110 exchanges have applied for acceptance into the market, with several of them being in various stages of the process.

This information came via the Financial Services Agency (FSA) itself. Providing the details to Bitcoin.com, the agency noted that there are now dozens of exchanges that have expressed interested in entering the Japanese market.

“The number of crypto asset exchange service providers which have expressed their interest is about 110 as of June,” the agency told the publication.

As to what made so many crypto exchanges suddenly so interested in entering the Japanese crypto space, the country’s recent passing of regulations to that effect might have something to do with it. Having actual rules to follow basically removed many of the uncertainties that these exchanges had with regards to the Asian market. Simply put, Japan is making efforts to accommodate crypto coins more, Coinfomania reports.

Considering that the whole crypto craze was started in Japan and one of the biggest incidents of theft occurred in the country, views regarding digital coins in the nation has been shaky. Through stricter regulations and the enforcement of said regulations, Japanese authorities are working to make it easier for the public to trust in crypto coins again.

The country’s financial authorities have also been working to combat money laundering through cryptocurrency by complying with the guidelines set down by the Financial Action Task Force (FATF). Through strict enforcement of the rules and a stringent screening process, Japan hopes to restore its place as the home of crypt coins.

Currently, there are 19 licensed cryptocurrency exchanges operating in the country. Of these, 3 were approved this year and the rest received their license back in 2017.

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