Japan Agency Grants Digital Exchange License to Coincheck

Announcements, Regulation | September 18, 2017 By:

Japan-based Coincheck has officially been certified to operate as a compliant digital currency exchange. The Financial Services Agency of Japan (FSA) has approved the application of Coincheck to obtain a license that allows it to operate in the country.

Coincheck’s registration approval follows the provisions of Article 63-3 of the country’s fund settlement law. After bitcoin was legalized as a form of payment on April 1, 2017, 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 it has received 50 exchange registration applications in August alone to be reviewed for compliance. So far, the Japanese agency has been dragging on its certifications, with just one month to go before a self-imposed deadline.