• Mon, 15 Jul 2019, 06:02 PM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

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.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $10,526.30 (-0.29%)
  • Ethereum (ETH) $228.97 (-3.67%)
  • XRP (XRP) $0.316000 (+0.70%)
  • Litecoin (LTC) $90.79 (+0.41%)
  • Bitcoin Cash (BCH) $311.22 (+0.40%)
  • Bitcoin (BTC) $10,526.30 (-0.29%)
Jul 15, 2019 (Monday)
13:14
Crypto Technicals: XRP/USD extends weakness below 200-DMA, on track to test trendline support at 0.28
13:10
Draft of India’s cryptocurrency ban bill surfaces online
11:57
Shinhan Card patents blockchain-based system with credit card functionality
11:12
IOTA, MOBI, SAP, Deutsche Telekom and others join Convergence Alliance focused blockchain, AI, IoT
11:12
Crypto Technicals: LTC/USD pauses downside at 84 handle, bias still bearish
10:28
Crypto Technicals: BTC/USD holds support at 55-EMA (9854), break below will see further weakness
10:15
Enterprise blockchain firm R3 eyes IPO: Report
09:36
Bank of Thailand reviews blockchain applications in multiple areas
08:51
PayFast to stop accepting Bitcoin as payment method due to high fees, slow process time
07:17
U.S. lawmakers seek to prevent big tech companies from offering cryptocurrencies
06:03
Georgia VAT-exempts cryptocurrencies
05:50
Bitpoint Japan finds part of stolen cryptocurrency
05:02
South Korean companies team up to build blockchain-based identification system
Jul 12, 2019 (Friday)
11:40
Litecoin becomes official cryptocurrency of American football team Miami Dolphins
10:48
Crypto Technicals: Ripple breaks below 200-DMA, opens up further downside
10:40
Japanese cryptocurrency exchange Bitpoint loses $32M to hackers
09:40
US Election Commission to approve Congressional candidate's Ethereum token giveaway plans
09:16
HSBC reduces transaction time by 12 Days using Voltron blockchain platform
09:07
Amazon, Deloitte, Fidelity support IDEO CoLab's free blockchain accelerator program
09:05
Turkey considers developing central bank digital currency
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft