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Japan Crypto Market: 190 applications to enter the industry
Japan Crypto Market: 190 applications to enter the industry
Crypto

Japan Crypto Market: 190 applications to enter the industry

By Fabio Lugano - 28 Dec 2018

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The Japanese Financial Control Authority (FSA) has received 190 applications, including preliminary ones, from companies wishing to register and operate in the Japanese crypto market, as shown by an interview conducted by bitcoin.com.

In Japan, exchanges are subject to a licence issued by the FSA, the State agency for the control of financial services which, in addition to the virtual currency sector, also supervises the traditional financial markets.

The 190 operators demonstrate an increase compared to what was announced in August, when there were 160 applications, which indicates that in Japan there is still a great deal of interest in the crypto market, despite the general decline in prices.

Japan crypto market

Japan’s exchanges

At present, there are 16 exchanges that are authorised in the country and are operating in a market that is currently experiencing changes and consolidation.

The Zaif exchange, which had been the victim of a hacker attack, has now been acquired by the Fisco Cryptocurrency exchange; Huobi has incorporated Bittrade, while the Madison Group has announced a plan for the acquisition of Bitocean.

Previously, Monex had acquired Coincheck but, despite all these mergers, the FSA confirms that there are still 16 active licenses.

On the same day that this information was published, the Japanese control body has also published a report of the cryptocurrency study group led by Professor Hideki Kanda, which identifies the guidelines in order to regulate the market.

In the document, three sectors that require close supervision are highlighted: the exchange sector, cryptocurrencies, or rather crypto assets from a structural point of view, and ICOs.

In these three areas, Japan would like to see measures to prevent fraudulent market alterations, to exclude cryptocurrencies with inadequate characteristics and to deal with new sectors such as credit in virtual currencies or custody services.

Fabio Lugano
Fabio Lugano

Graduated with honors from Bocconi University, Fabio is a consultant for companies and wounded shareholders of the Banche Venete. He is also the author of "Scenari Economici", and lecturer and analyst of cryptocurrencies since 2016.

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