Japan's finance regulator, the Financial Services Agency, has granted full permission for cryptocurrency exchange Coincheck to continue operating in the country.
Cointelegraph Japan reported on the development on Jan. 11, quoting an official communique.
Coincheck, which was hacked in January 2018, losing altcoin tokens worth $530 million at the time, now joins the slowly increasing number of officially sanctioned exchanges serving the Japanese market.
The step is a milestone for the exchange and for online broker Monex Group, which bought Coincheck for a nominal $33.5 million in April.
According to a Jan. 11 press release from Monex Group, Coincheck has registered specifically with the Kanto Financial Bureau.
Since the interim period, developers have slowly returned functionality to users and organized refunds of stolen coins.
Japan has sought to implement a licensing scheme over the past year in the wake of unease about exchanges' security setups.
Despite heightened legislation, smaller-scale hacks have continued, with fellow platform Zaif losing around $20 million last September.
On Friday, Cointelegraph also reported on a government investigation into crypto exchange security in South Korea, which found satisfactory compliance in less than a third of platforms.
Japanese Regulators Grant Cryptocurrency Exchange License to Coincheck
Published on Jan 11, 2019
by Cointele | Published on Coinage
Experts are concerned Libra could people's privacy and security at risk
In light of the hype surrounding Facebook's new "Libra" cryptocurrency, it's important to pause and be just as critical of it as other cryptos.
'I Don't Trust Facebook With Anything:' The World Reacts to Facebook's Libra
"We cannot allow Facebook to run a risky new cryptocurrency out of a Swiss bank account without oversight."
China's Biggest Payment Firms Have No Plans to Follow Facebook into Crypto
China's internet giants appear unlikely to follow Facebook into the cryptocurrency space anytime soon - though you can be sure they're paying attention.
Regulators Debate Cryptocurrency Legislation Ahead of G20 Summit
Cryptocurrency regulation will take a step forward during the upcoming V20 Summit where country representatives will assess the new course of legal action proposed by the international Financial Action Task Force.