The Japanese Financial Supervisory Authority has inforced stronger regulatory measures in the world if bitcoin, as a result has now issued 11 licenses for 11 crypto exchanges which will operate in the Asian country.
As for trading activities regarding bitcoin and other crypto currencies the Japan gouvernment will start looking at possibilities from next month. The upcoming regulations will primarly protect users of crypto currencies from the misuse of digital currencies such as money laudering activities. The same law actually declared Bitcoin and other crypto currencies as a legal mean of payment in the country.
“With the new regulation, Tokyo aims to balance the need to protect investors with the need to support fintech innovations.”
The bitcoin exchanges that got their license have been thoroughly examined and all the exchanges meet the all the standards of the new regulations. As we write there are more than 17 exchanges that are waiting in the examinations phase and 12 already been rejected while failing to meet the obligatory conditions from the Japan law makers.
As Japan, the US, and South Korea evolve as major cryptocurrency exchange markets with practical regulatory frameworks and support from local financial regulators, markets like China will continue to isolate themselves from the cryptocurrency industry and innovation. If the US and South Korea also move on to introduce national licensing programs for cryptocurrency exchanges as hinted by Keith A. Noreika, the Acting Comptroller of the Currency, China would be replaced by neighboring markets even if it resumes trading activities in the future.