After hosting the G20 summit, The Asian country is once again the centre of attention as 110 new crypto exchanges want to set their headquarters in Japan. But how did Japan go from being one of the most crypto-restrictive countries to one of the most desired one to do business?
The answer relies on the new cryptocurrency bill passed by Japan’s House of Representatives on May 21, 2019. The bill was subsequently voted on the House of Councillors. By that time, there were 19 approved exchanges in the country and more than 140 in the waiting list to be accepted. Currently, the list has been reduced and filtered in order to meet the highest standards of compliance, however, 100 is still a significant amount.
The over a hundred companies applying to enter the Japanese crypto industry are required to register with the FSA, the most important financial regulator in Japan. The Financial Services Agency is going to make sure that the exchanges meet Anti-Money Laundering (AML) and FATF standards, as well as having a solid structure to avoid risks, guarantee investor protection and counter the financing of terrorism (CFT).
The disclosure of the number of exchanges wanting to open in Japan was made on Monday when an official of the FSA told the Bitcoin.com that “the number of crypto asset exchange service providers which have expressed their interest is about 110 as of June”.
One name on the list that must be highlighted is the recognized Japanese communication company, Line Corporation. The most popular messaging app in the country is the owner of Bitbox and haven’t been able to expand its operations to Japan due to the previous tight regulations.
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