After the recently held G20 summit in Japan, where cryptocurrencies and blockchain technology were among the topics discussed, the FSA (Financial Services Agency) reported that 110 exchanges applied for a license to work in Japan.
The waiting list also includes the LINE Corporation, which deals with the same-name messenger application. The company is almost ready to license its stock exchange BITBOX, which currently operates in many countries around the world, with the exception of the United States and Japan.
Being one of the first countries in the world that promoted cryptocurrency, Japan can boast a large user base of cryptocurrencies and is second only to the USA in terms of volumes on exchanges.
In April 2019, out of 23 new candidates, FSA licensed two cryptobirds – Rakuten Wallet Co Ltd and DeCurret Co Ltd. For comparison, in 2017, 16 applications were submitted for obtaining a license for the provision of cryptographic services, but after a change in legislation related to the burglary of Coincheck, only 3 exchanges received permission.
In addition, the FSA introduced the mandatory use of cold crypto wallets that are not connected to the network and work offline, providing customers with greater security of funds.
In addition, the agency also analyzes internal security measures to protect data that is managed by exchange employees.
Publication date 12/07/2019
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