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Author Topic: [2018-05-01] Japanese Regulator Confirms 8 Crypto Exchanges Want Out,100 Want In  (Read 31 times)
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May 01, 2018, 08:48:26 AM
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The Japanese financial regulator has confirmed that so far eight companies have expressed the intention to withdraw their applications to operate cryptocurrency exchanges. Meanwhile, about 100 more companies are seeking to enter the market.

FSA Confirms Eight Want Out

The Japanese Financial Services Agency (FSA) held a study group to discuss the state of cryptocurrencies in Japan last week.

Among observers of the meeting were representatives from the Bank of Japan, the Ministry of Justice, the Consumer Affairs Agency, and the Ministry of Finance. In addition, Taizen Okuyama, President of the newly formed self-regulatory organization and of foreign exchange platform provider Money Partners Group, was also present.

The agency confirmed that eight “deemed dealers” intend to withdraw their applications to operate cryptocurrency exchanges. Under the Revised Fund Settlement law, deemed dealers are allowed to operate crypto exchanges while their applications are being reviewed by the agency. The FSA wrote:

"Eight deemed virtual currency exchange companies announce the intention to withdraw registration applications…One company confirms that it does not fall under the virtual currency exchange industry as a result of grasping the actual situation in detail."

Seven of them will completely withdraw their applications – Tokyo Gateway, Mr. Exchange, Raimu, Bitexpress, Bit Station, Campfire, and Payward Japan which operates Kraken exchange. In addition, Debit will also withdraw its application as a deemed dealer as it does not fall under this classification, the FSA revealed.

Furthermore, the agency confirmed that approximately 100 companies have declared their intention to enter the crypto space, stating that “Various companies intend to newly enter [the crypto space] (About 100 companies).”

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May 01, 2018, 09:00:25 AM

Well, if even NASDAQ said that they are considering becoming a crypto exchange, than it's quite natural that there are many more companies that want to get into this business, as cryptocurrency trading volumes continue to grow. What would be great though is if those exchanges were more careful with the coins that they list, because there are so many scamcoins and just bad projects, that this can negatively affect the whole crypto industry.

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May 01, 2018, 11:35:17 PM

Do anyone here have any idea what's inside the revised FSA regulations though? I asked because I like to find out what's the reason behind those 7 who suddenly backs down and withdraw their intentions? Is there some kind of provision that will really hurt them in terms of profitability? Everyone want's to get on board but I can't fathom why did suddenly decided to quit and withdraw their application since crypto is blossoming in their country. I also speculate that those withdrawing doesn't have sufficient funds to cover all the investors money in case of a hack, in my opinion.
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