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The Japanese Financial Services Agency (FSA) has approved Japanese bitcoin exchange Coincheck’s application for digital currency exchange registration.
Coincheck’s application approved for Japan’s new bitcoin exchange registration https://t.co/GEOqkoKOcW
— Coincheck (@coincheck_en) September 14, 2017
CryptoNinjas reported that the FSA received 50 exchange registration applications in August alone for compliance review. Coincheck’s application was accepted as one of the well-known companies in the country.
Founded in 2012, Tokyo-based Coincheck is one of the leading bitcoin exchanges in Japan.
The approval of Coincheck’s application follows changes to Japan’s fund settlement law announced in April, which legally recognized bitcoin payments. The country is set to implement new rules for exchanges by the end of this month.
Under the new regulation, KYC laws, regulatory compliance, and fund safety are given prime importance. Domestic exchanges must be registered by the end of September 2017 and are required to report risks of financial losses resulting from factors like price volatility.
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