Eleven Japanese Bitcoin exchanges have been approved to operate under the country's new financial services laws.
Although it is home to one of the most shameful events in the history of bitcoin - the collapse of the Mt. Gox exchange - Japan has nurtured and created means for bitcoin growth.
For this, Reuters reported that the Japan Financial Services Agency (FSA) announced that it has approved 11 domestic exchanges of Bitcoins to operate in the country. Registration with the FSA became necessary as part of the April account which recognized Bitcoin as legal tender and eliminated consumption tax on purchases at Bitcoin exchanges.
In the months following this legalization, Bitcoin's adoption came in Japan and the country became a center for the crypto-economy of Asia following prohibitions in China.
Now that Bitcoin is recognized as a legal payment method, criptomoedas exchanges are subject to increased security guidelines, including segregation of funds into customer accounts, verification of customer identities to combat money laundering, appropriate systems and policies to prevent cyber attacks. The FSA also said it would place the exchanges under "full surveillance", which could include on-site inspections.
Notably, bitFlyer - whose BTC / JPY trading pair regularly ranks as one of Bitcoin's three largest trading volumes - was one of exchanges licensed during this first round of approval.
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