The largest financial regulator of Japan has confirmed that there are numerous companies which plan to enter the Japanese crypto money market. Besides there are many regulations regarding the crypto exchanges are pending for approval.
Japan Bitcoin & Crypto Regulations (Source: The Crypto Lark)
More Than 190 Companies are on the Waiting List for Entering the Japanese Crypto Market
Japan’s FSA (Financial Services Agency) has declared and confirmed that there have been more than 190 companies which applied for registrations to become a crypto money operator.
FSA added that there are more than 190 candidates including the pending registrations and investigations.
Above figure is more than the previous number which was announced in August 2018. At that time 160 companies were existing on the registration waiting list.
Although FSA did not mention any additional details, some of the firms have already declared their business establishment plans themselves. Some of these companies are as follows;
- Yahoo! Japan
- Adways Inc.
- Line Corporation
- Samurai and J Partners
- Fasteps Co. Ltd.
- Money Forward, Inc.
- Yamane Medical Corp.
- Avex Inc.
- I-Freek Mobile Inc.
- Drecom Co. Ltd.
- Daiwa Securities Group
- Appbank Inc.
Japan is Switching the Crypto Field
There are currently 16 registered crypto exchange markets in Japan. According to “Payment Services Act” cryptocurrency operators should be registered by FSA. There are only three companies which have got the approval of operation during their investigations. These companies are; Lastroots, Everybody’s Bitcoin, and Coincheck.
In September, a regulated crypto money exchange “Zaif” has been hacked and another regulated cryptocurrency exchange “FISCO Cryptocurrency Exchange” has acquired “Zaif“. “Bittrade” has also been acquired by “Huobi” and about to relaunch “Huobi Japan“.
Madison Group has announced a stock purchase from another registered exchange namely “Bitocean“. Additionally, “Ceres Inc.” has informed the press about a merger business with crypto exchange market “Xtheta” in the spring of 2019.
After the Large Acquisitions
“Coincheck” has been acquired by “Monex Group” just after the hacker attack in January 2018. Another flash event was the acquisition of “Everybody’s Bitcoin” by the internet and e-trade services giant “Rakuten Inc.“. FSA has announced that there are currently 16 registered crypto exchanges after these significant and substantial acquisitions.