[2017-09-17] Japan’s FSA Approves Coincheck’s Bitcoin Exchange License

[moriskarlov]

Just recently the Japanese exchange Coincheck announced they have become a fully licensed exchange in Japan after being approved by the country’s Finance Bureau Director.

Japan’s Financial Services Agency Approves Coincheck’s  Cryptocurrency Trading Platform Registration

On September 13 the Japanese bitcoin trading platform and payment processor, Coincheck, announced the firm had been approved to be a licensed “virtual currency exchange.” The exchange 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 Financial Services Agency (FSA) to operate a virtual currency exchange business.

At the time Coincheck was extremely pleased to see the Japanese statutes pass and said the “newly made law and regulations on bitcoin are going be enormous.” Further, the exchange revealed at the time that all exchange providers must be approved by the FSA.

“In order to make the exchanges more secure, cryptocurrency has been handed over to the authority of the FSA,” explains the Coincheck blog this past June.

       

All the exchange providers and other companies that deal with virtual currency will need to be registered by the FSA before they can start operation. It will help to make cryptocurrency exchanges in Japan tighter, more secure, have scrupulous control.

https://news.bitcoin.com/coincheck-becomes-the-first-licensed-japanese-bitcoin-exchange/

[FrueGreads]

These are really good news for bitcoins. I'm sure this will put some pressure on China to approve bitcoin exchange licenses as well. They are already losing market to the Japanese exchanges, since after the ban the number of new accounts in Japanese exchanges grew a lot. And this seems like a good solution for governments as well. At the exchanges level, fiat and BTC are the same. And we all know that right now there is were the most of money is, because most people are holding and using their BTC there, and not on their wallets, or using them to buy stuff. So if exchanges get regulated, the government will still get their taxes, and everyone will be happy.

I think we are on a good trend now, and BTC will do well again. Canada and Estonia are showing a positive view over ICO's, and we already heard the news about giants like google, apple, and facebook, that will facilitate the use of BTC within their own tech, so this should encourage merchants to use it. These are all great news for BTC.

[iamTom123]

Japan is now the leader for Bitcoin and cryptocurrency taking over what is left by China. Since the government of China is getting to be averse and uneasy to deal with cryptocurrencies, Japan is taking a different stance and is getting to be the number one ally for the digital currency revolution. Had it not been for Japan, it would be catastrophic for Bitcoin as Japan is now providing the cushioning effect in the face of the China Challenge.

Bitcoin will continue to be growing in Japan by leaps and bounds and as time goes on there would be explosion of interest from millions of Japanese on how they can take part in the Bitcoin bandwagon. Of course, this can mean more speculators but still the rise of Bitcoin is largely due to speculations (as of now we can not stop anybody to speculate). Once the market will mature there would be deeper understanding for things related to cryptocurrency and I am sure that the time is coming soon.

[Snaic]

The issuance of licenses to the Japanese exchanges and their approval as a virtual currency exchange of the country are now very relevant in the light of the impending draconian measures by China on the almost complete prohibition of circulation of crypto currency in this country. If this happens, then China will lose the crypto-currency market for itself, and holders of crypto-currencies will move to Hong Kong, Japan or to other countries. Japan can serve as an example of the introduction of crypto-currency in the country.

[Raxitto]

Japan's financial services agency (FSA) has issued operating licenses for 11 Japanese Bitcoin brokers. The issue meets the new rules that require all crypto-currency brokers to have a license to operate by the end of September this year. The new law, passed in April this year, established Bitcoin as a legal payment method. The licensing strengthened the practice of mandatory brokerage business requirements, including high standards of cyber security, customer account segregation, and customer identity selection.

[btbrae]

It's goodbye China hello Japan. They are being proactive and it's the perfect place to setup business and hire people.