Japan’s new bitcoin exchange registration - Accepted

[sanjeev.lamani@]

Coincheck’s application approved for Japan’s new bitcoin exchange registration

Popular Japan-based bitcoin exchange and payment company Coincheck announced a milestone today as it officially got its application certified in Japan for registration as digital currency exchange. Japan is set to implement its new regulation for exchanges at the end the month.

This comes after April’s changes to the country’s fund settlement law, which made bitcoin payments legal. Japan is now considered a leader in digital assets, helping to foster innovation in the country.

This accommodating regulatory apparatus comes just a few years after the largest bitcoin exchange at the time, Tokyo-based Mt. Gox, collapsed and along with it, millions of dollars of users, leaving a bad impression on the Japanese street of the cryptocurrency.

Times have now changed, especially with Japan now requiring insurance protection for all bitcoin exchanges, and regular checkups from the financial authorities to ensure nothing like Mt. Gox happens again in newly passed regulations.

Coincheck’s application was accepted as one of the well-known companies in the country, this was largely just a symbolic achievement for them. This won’t be the case for all companies looking to become registered and legal within Japan.  The Japanese Financial Services Agency (FSA) has received 50 exchange registration applications in August 2017 alone to be reviewed for compliance.

Some other major exchanges in the country include bitFlyer, Zaif, BitPoint, and other entrants from well known public companies, who will have no problem getting initially registered. It will be the smaller start-up operators whom this new law will really shut out in the name of safety and protection.

Regulation compliance and fund safety, and KYC laws are fundamental in the new exchange regulation. Exchanges must be ready and registered by the end of September 2017, as well as ensure that their users are fully protected to be inclined to a license. Exchanges are required to report risks of financial losses that factors like price volatility may cause, and to verify the identities of those who open accounts.

https://www.cryptoninjas.net/2017/09/13/coinchecks-application-approved-japans-new-bitcoin-exchange-registration/

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[Rosa Paula]

It's a good news for Bitcoin and all Bitcoin trader.Because some things increase the price of popularity.

[dothebeats]

This just goes to show that Japan is willing to embrace new technologies and assets as long as it is regulated and certified by their own standards. They see nothing wrong about bitcoin, they accept it and regulate it so that nothing wrong could happen on their soil. Also, having another exchange could precent the next Gox if in case one of the major exchanges thought of doing the same. Overall, a good move for Japan, giving zero fucks about what happened in China.

[Bitforking]

It seems China is paving a new approach to crypto trade business,

(1) allow exchanges to trade on coin to coin bases;
(2) create new coin that is RMB equivalent in  a way similar to USDT;
(3) traders of crypto coins can only invest and withdraw through the new RMB coin.

This is more advance approach of inflation control and fraud -proof etc. of course, profits will also be taxed I guess.

decentralised is a great idea especially for criminals, as normal people would prefer to pay tax and get protection one way or another.

[buwaytress]

With several places in Europe trying so hard to be recognised as fintech hubs, in the end it's the usually agile Japan that sets the pace, all in the space of months. I met a Japanese millennial last week who told me that other than the desire to try and purge the bad memory of MtGox, there is a small minority of Japanese who also feel they owe a debt to Nakamoto to try and get Bitcoin the recognition it deserves in his second home. Of course, they know it's probably not even one person, and they know he was probably not even Japanese, but I suppose I get the fandom and attempts at homage.

[Barcode_]

It seems that japan is one of the country that are very supportive of crypto-currencies and it is surely a piece of good news for the crypto-currency community, bitcoin values have been dropping hard recently due to a lot of negative news from china, maybe this piece of news would help bitcoin price to rise again.

[BitcoinHodler]

after the MtGox stuff, Japan has been really out of the game but they made up for all the lost time this year alone. things are looking up over there. the government is open to bitcoin and that is helping the adoption greatly. this is just one service out of many different ones in Japan. and yet so many people refuse to believe the revolution that is taking place inside Japan these days, starting this year.

[ivrynx]

This only shows that bitcoin is going to be stronger, the japanese government for sure, already thought of ways on how to regulate bitcoin in their country, and as we all know, japanese are very proud people,  this only means they will not make any scam ICOs, like what china had done. This move by japan will also contribute to the growth in value of bitcoin, hopefullh those who bad mouth bitcoin will stop, since another superpower country is supporting bitcoin, and as we all know, those who had banned bitcoin, do lack knowledge and doesn't have the technological advancements that japan has, furthermore, this will only strengthen japan's power, and a shift.of power from west to east, seems inevitable, those who still seek knowledge from western gurus, should now think twice, they should also ask someone from the east, since this part if the world greatly accepts bitcoin. I just hope for better advancements in the future for bitcoin, and no more negativity will rise.

[tyuner4]

One good news out of so many news from China. Hope to see more good news from Japan.

[skorupi17]

Japan has never failed to surprise me and is continuing to fulfill my expectations toward to itself. From the very beginning, when Japan announced its acceptance of Bitcoin last April, I know that it will be the leading Asian country when it comes to the acceptance of Bitcoin. And now, a new exchange is registered. Japan just proved that despite of any other issue out there about bitcoin it will continue to support Bitcoin all the way.

[criz2fer]

Things will be more exciting now. Since many are countries are planning to enter the cryptocurrency, I think our market will be more active. Hope the more country will join the Bitcoin revolution.

[doedz]

One good news out of so many news from China. Hope to see more good news from Japan.

China is doing a bad thing, fud.
and Japan holds large amounts of Bitcoin. 100% The Japanese government has legalized Bitcoin. China only has about 20% bitcoin, China wants to do master by spreading negative issues.
A dramatic move, and now bitcoin proves that China has failed.

[Potentiam]

Thats great that Japan saved the fall of bitcoin but the timing is a little suspicious. Considering the closeness, ok geographic closeness i know people will say that aint close and I hope it is just coincidence but just imagine a little bit of money could have been made there. by a little I mean a whole country annual budget in wealth could have changed hands there.

Anyway thanks Pan asia for the net profitable current state, considering our position this time last year, we have come leaps and bound from there.

[Chrystora123]

wow, this is a good news, is this what causes bitcoin prices to slightly strength, good news for Bitcoiner and Bitcoin Trader, thanks

[2hot2handle]

Well this is good to hear at least there are good news after the bad news that is going around for how many days already. This news might help bitcoin recover its price.

[dealung]

I am very happy to see and read this news, like the fresh wind in the desert.
hopefully this will happen soon and many countries will imitate what has been done by the Japanese government.

[taktik]

I am very happy to see and read this news, like the fresh wind in the desert.
hopefully this will happen soon and many countries will imitate what has been done by the Japanese government.

To tell the truth, I very much hoped for Japan, because it was the Japanese who showed a tremendous growth and interest in the crypto currency. Therefore, all the inactivity of China will be the opposite of broken Japan.

[BrewMaster]

Thats great that Japan saved the fall of bitcoin but the timing is a little suspicious.

the news about Japan is kept on the down-low, it didn't save anything! the reversal happened even before anybody over this side of the world knew about this news. and it was because it was time to come back. you can't expect bitcoin price to continue to go down with all the demand!

additionally Japan has been releasing good news all year long. this is one in a 300.

[hich_ang]

This is a good news to here. Maybe this will cover losses caused by China.

[Carlsen]

I think that every exchange that opens outside of China is a step in the right direction.
Hopefully we will not see the same concentration of exchanges in Japan in the future that we saw in China.
It would be good to see at least one bigger exchange on every continent.