Japan’s 50 bitcoin exchange for registration

Japan’s 50 bitcoin exchange for registration

Japan’s financial services agency (FSA) announced that as of August 2017, has received 50 bitcoin exchange registration. They are to examine whether the application is wildly beating gongs and drums to meet the requirements.

The local newspaper “Sankei news” report claimed that the agency has begun to review with such bitcoin virtual currency exchange related whether has implemented measures to protect users.

Digital currency in Japan

The Japanese government has revised its capital liquidation in April 2017, and allowed to recognize bitcoin as a legitimate means of payment. Many people believe that this decision has a strong relationship with bitcoin in incomparable bull market.

After this approval, FSA needs to ensure that the country’s virtual currency exchange registration. The exchange must be registered before the end of September.

In accordance with the provisions, FSA should ensure that the exchange to meet a series of requirements in officially registered before. One of the requirements is the exchange need to take appropriate measures to protect the user’s information and property safety. In addition, the exchange needs to communicate with FSA, because the factors of virtual currency price fluctuation may cause economic loss risk.

FSA also need to check whether the assets of the exchange were separated with the user deposits, exchange and ensure that appropriate risk management system.

Japanese companies have opened bitcoin exchange

Japan’s major companies have joined the service bitcoin exchange. In March 2016, publicly listed enterprise group RemixPointInc. launched a bitcoin exchange, called Bitpoint. In the Jasdaq listed financial information provider FiscoLtd. has also launched a bitcoin exchange.

Other companies including Internet Co to set up the exchange GMO, SBI holdings and MoneyPartners group.

Bitcoin continues to integrate into the Japanese economy, which has maintained a good price for the appreciation trend.

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