Four Cryptocurrency Exchanges Approved By Japanese Financial Regulator

Announcements, News, Regulation | December 5, 2017 By:

The Financial Services Agency of Japan (FSA) has issued operating licenses to four new digital currency exchanges. This is the second round of approvals by the FSA. In September, the agency approved 11 exchanges.

The four digital currency exchanges that were approved are Tokyo Bitcoin Exchange Co. Ltd., FTT Corp., Bit Arg Exchange Tokyo Co. Ltd., and Xtheta Corp. Of the four new exchanges, only Xtheta has been granted the right to trade cryptocurrencies other than bitcoin.

After bitcoin and other cryptocurrencies was legalized as a form of payment on April 1, all domestic exchanges in Japan must receive authorization from the treasury department and the FSA to operate a digital currency exchange business. The FSA said that only the authorized 15 exchanges should be allowed to trade cryptocurrencies as only the digital currencies that they will handle are confirmed to meet the definition under the fund settlement law.

More exchanges are reportedly still undergoing evaluation. 12 companies that failed to meet the FSA’s registration requirements later shut down their exchange operations.