The Financial Services Agency (FSA) in Japan has revealed the names of 11 firms, which have obtained authorization as cryptocurrency exchanges operators. These firms are inclusive of QUOINE, Zaif Exchange, Bit Bank, bitFlyer, SBI Virtual Currencies, Tech Bureau and others.
‘As the initial worldwide crypto fintech firm to be comprehensively licensed with the JFSA, we shall persist in working together with regulators and different stakeholders to obtain a positive growth of the sector of cryptocurrency in Japan and on a worldwide scale,’ stated Mike Kayamori, QUOINE CEO and Co-founder.
‘To us, security of clients’ assets is a top priority. Our JFSA license offers us a positive market sign that our aim is to create a reliable exchange, with suitable compliance steps implemented to avoid security violations and offer extra asset security for our clients.’
‘As the number of participants in the sector of virtual currency increases, so does the incidents of connected embezzlement and misuse. bitFlyer anticipates a market which facilitates the rise of customer security via asset separation as well as a registration program managed by FCA which needs KYC and auditing,’ stated bitFlyer in a report.
‘As a financial institution that is licensed, bitFlyer puts in an effort to offer its clients services that are secure and safe.’
Cryptocurrency exchanges registration was established from 1 April 2017 to adhere to an amendment of the Payment Services Act. This means that just the exchanges that are registered with the FSA are allowed to carry out virtual currency exchange in Japan.
Reuters state that presently, the FSA is evaluating registration applications from other exchange operators numbering 17 while 12 firms have resolved to stop operations after the latest regulations.
FSA officials informed Reuters that the latest regulation’s objective is to harmonize the necessity to defend investors in order to back fintech innovations.