Japan Financial Department said 50 special currency exchange application for a license


nnnIn 2017 April, the Japanese government revised the fund settlement law, recognition of bit as a legal way to pay. Therefore, the Japan Financial Services Department must complete the exchange registration by the end of September and ensure its compliance. At present, the Office of Finance has received 50 registration applications for Bitcoin Exchange. The contents of the review include user protection measures, the exchange of assets and user deposits, risk management system structures. In addition, many Japanese companies have also increased the bit currency trading services.n
nnTranslation: Annie_Xun
nThe Financial Services Agency (FSA) announced that it has received applications for registration of 50 Bitcoin exchanges since August. The compliance is currently being reviewed.n
nJapan’s local news Sankei Shimbun reports that the FSA has begun to review whether the exchange involving virtual currency services such as Bitcoels has implemented measures aimed at protecting users.n
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nJapanese digital currency statusn
nIn April 2017, the Japanese government revised the fund settlement method, recognizing that the bitcoin was a legal payment method. Many people attribute this decision to this year’s Bit Coin Bull.n
nAfter the royal currency is paid, the FSA must ensure that the registration of the domestic virtual currency exchange is completed by the end of September.n
nUnder the new regulations, the FSA must ensure that they meet the requirements before the exchange is registered. Including appropriate measures to ensure that users are fully protected. In addition, the exchange must be linked with the FSA currency fluctuations and other factors caused by economic losses.n
nThe FSA also checks whether the assets of the exchange are clearly separated from the user’s deposit and the appropriate risk management system is ensured.n
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nJapanese companies increase Bitcoin trading servicesn
nLarge Japanese companies have added Bitcoin transactions to service items. In March 2016, the listed group, Remix Point Inc., launched the company’s first Bitcoin Exchange Bitpoint. Nasdaq-listed financial information provider Fisco Ltd. has launched its Bitcoin Exchange.n
nOther companies that set up exchanges include Internet companies GMO, SBI Holdings and Money Partners Group.n
nBitcoin is constantly integrated into the Japanese economy to keep the currency price rising.n

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