Japan’s Financial Services Agency (FSA) has not approved any crypto exchanges since a year. But now they have approved Coincheck, which would be the 17th crypto exchange registered under the FSA.
In 2017, Coincheck was hacked and resulted in slowing down the approval process. Until Monex Group acquired Coincheck and has made many improvements in the crypto exchange.
The FSA has made a statement on Friday confirming the approval of Coincheck as a crypto exchange. For any cryptocurrency exchanges to operate in Japan they must have to be registered under FSA.
Coincheck had already applied for the registration with FSA in 2017 and until now they had been under review and now officially confirmed to do business in Japan. Over 16 crypto exchange has been approved before Coincheck.
Monex Group said in the press release that,
With the registration as a cryptocurrency exchange agency serving as a milestone, Coincheck strives to continue offering reliable services for our current and prospective customers in a safe and stable manner.
Coincheck was working on the areas to be addressed to fit the requirements of FSA. They have improved few operations of their cryptocurrency exchange. Some like governance, business strategy, customer protection, measures on anti-money laundering and more.
Bitcoin(BTC), Ethereum(ETH), Ethereum Classic(ETC), Lisk(LSK), Factom(FCT), (Ripple)XRP, NEM(XEM), (Litecoin)LTC, and (Bitcoin Cash)BCH there are the cryptocurrencies will be traded currency on Coincheck.
Let’s see which other cryptocurrency exchanges are going to get approval in the future from the FSA. Because the crypto market in Japan is growing and other crypto exchanges also might seek approval from the FSA.