Japan Companies Vie for New Exchange Licenses

Japan has a bitcoin exchange boom.

Some 18 companies have applied for the just-created government license to operate a cryptocurrency exchange in Japan. The new license requirement became law last month as part of Japan’s recognition of bitcoin and other cryptocurrency as legal tender, and is designed to regulate the nascent cryptocurrency industry.

The excitement over the new legalization has led to a boom in Japan and around the world, as bitcoin and other cryptocurrency prices have risen. New retail outlets in Japan have begun accepting bitcoin, and more are in the works. Reports indicate as many as ten new exchanges may debut as a result of the applications, which include some existing companies and such financial giants as SBI Holdings.