Japan issued licenses for 11 Bitcoin exchanges


nnWhen the Japanese Finance Department asked all local digital currency exchanges to register with the authorities, the implementation of the plan has now entered a new stage, there are 11 exchanges through the Financial Department of the audit, the successful operation of the license. Japan’s initiatives are relatively rare in the context of the current digital monetary regulatory environment in Asia, and its regulators and exchanges have expressed the hope that this will promote the healthy development of the industry in this way.n
nTranslated by: Inan
The Japan Financial Services Office (FSA) issued an operating license for 11 Bitcoin exchanges.n
The FSA confirmed the move in a September 29 announcement. Prior to this, a payment service amendment had been issued requiring all digital currency exchanges to be registered with the authorities by the end of September. The bill was passed in April, recognizing that the Bitcoin was a legal form of payment and provided security guidance for the relevant exchange.n
This license application provides a number of operational requirements for the exchange, including high standards of network security, customer account isolation and customer identity verification.n
There are still 17 applications are still under review, and another 12 companies have been closed in accordance with the new regulations.n
The local digital currency exchange Quoine is one of the 11 licensed companies that said in a press release that it will work with regulators to “realize the healthy development of the digital money industry in Japan and around the world.”n
A FSA executive said earlier this week that it intends to work with exchanges to promote “sound market development.”n
Japan’s digital currency regulation is very forward-looking. Legislators have said it was the revelation that the collapse of the Mt Gox in the local spot currency exchange in 2014 resulted in millions of dollars in customer money losses.n
At present, the digital money field has experienced a more extensive regulatory change. Earlier this month, China completely banned the coinage or ICO financing, its domestic exchange also followed the suspension of the transaction.n
South Korea has just announced ICO illegal, and will tighten regulatory policy.n

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