Japan's Financial Services Agency approves first compliant Bitcoin exchange

Recently, Japanese Bitcoin exchange Coincheck announced that it has obtained approval from the Director of the Financial Services Agency (FSA) of Japan, becoming the first fully compliant Japanese Bitcoin exchange.

Japan's Financial Services Agency approves Coincheck as a compliant Bitcoin exchange

On September 13, Coincheck, a Japanese bitcoin trading platform and payment processor, announced that it had obtained authorization from regulators and became the first licensed "virtual currency exchange" in Japan. It is reported that the exchange's registration and approval followed Article 63-3 of the country's Funds Settlement Act. After the Japanese government recognized bitcoin as a legal payment method on April 1, all exchanges in Japan must first obtain approval from the Financial Services Agency (FSA) of Japan if they want to continue to operate virtual currency exchange businesses.

At the time, Coincheck was very happy to see the new Japanese regulations passed: "The newly enacted Bitcoin regulatory law will be very influential." In addition, the exchange revealed that all virtual currency exchange providers at the time had to be approved by the FSA.

Coincheck continues to expand as Japan's bitcoin market continues to grow

After legalizing Bitcoin payments, the Japanese market has firmly occupied the first place in the global Bitcoin trading market in terms of trading volume. In the past 24 hours, the Bitcoin trading volume of Coincheck exchange alone reached 97,502 BTC (about 370 million US dollars). In May this year, the company announced that if it gets permission from the FSA, the exchange will launch an interest-bearing Bitcoin savings service. In August this year, Coincheck also launched a new investment sandbox for cryptocurrency startups and organizations running ICOs.

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