Japan's interminable winter for cryptocurrency exchanges seems to have thawed.
The Financial Services Agency, Japan's top financial watchdog, told crypto news site Bitcoin.com that 110 exchanges are in "Various stages of registration."
In 2018, the FSA, did not grant approval for any crypto exchanges to begin operating in the country.
The year prior, the agency had approved 16 new exchanges.
In 2018 the FSA began issuing "Improvement orders" to preempt potential cases of fraud or KYC noncompliance and started conducting on-site inspections.
"BitFlyer, amongst other top exchanges in Japan, received the improvement order based on a changing regulatory climate in Japan," a bitFlyer representative said.
On July 3, bitFlyer announced it would resume processing new accounts.
According to Bitcoin.com, in the first six months of 2019, the FSA has granted approval to 3 additional crypto exchanges, bringing the total amount of operators to 19.
While details for the majority of applications for new crypto exchanges are scant, Bitcoin.com reports many are in a preliminary stage.
If approved, these exchanges will need to comply with newly introduced obligations in the Payments Services Act and Financial Instruments and Exchange Act, enacted by the Japanese legislature on March 31 to take effect in April, 2020.
110 Crypto Exchanges Are Reportedly Trying to Get Licensed in Japan
Published on Jul 11, 2019
by Coindesk | Published on Coinage
Research finds Bitcoin and Litecoin halvings do not impact price
Contrary to the popular media narrative, new research finds that Bitcoin and Litecoin prices are unimpacted by block reward halvings.
Libra's Biggest Problem
Among the barrage of commentary accompanying the Libra circus on Capitol Hill last week was a single short tweet from lawyer Marco Santori that summed up the core problem confronting Facebook's cryptocurrency project - and, for that matter, any corporate-led effort of its kind.
Crypto and FB's Libra Are Bridges to a Bitcoin World, Says Tim Draper
Bitcoin will be the ultimate benefactor from interest in Facebook Libra and cryptocurrencies, billionaire Tim Draper has said.
Craig Wright's misinformed attempt at scaling Bitcoin, BSV frivolously increasing block size to 2GB
In Craig Wright's latest marketing attempt, Bitcoin SV will increase its block size cap from 128MB to 2GB. The upgrade will make BSV less secure, more centralized, and more costly for infrastructure providers to maintain.