Japan approves 17th cryptographic exchange - its first in more than a year

Exchanges

It has been more than a year since the Japanese Financial Services Agency approved the creation of a cryptocurrency exchange system in the country. Coincheck, which was hacked at the beginning of last year, became the 17th fully registered cryptographic exchange in the country. The stock exchange has made many improvements after its acquisition by the Monex group.

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<img class = "medium-size wp-image-273647 align” title=”Japan approves 17th Cryptocurrency Exchange – a first in more than a year” src=”https://news.bitcoin.com/wp-content/uploads/2019/01/fsa-300×163.png” alt=”Japan approves the 17th Cryptocurrency Exchange – a first in addition to a year "width =" 300 "height =" 163 "srcset =" https://news.bitcoin.com/wp-content/uploads / 2019/01 / fsa-300×163. png 300w, https://news.bitcoin.com/wp-content/uploads/2019/01/fsa-768×417.png 768w, https://news.bitcoin.com/wp-content/uploads/2019/01/ fsa-1024×557.png 1024w, https://news.bitcoin.com/wp-content/uploads/2019/01/fsa-696×378.png 696w, https://news.bitcoin.com/wp-content/uploads/ 2019/01 / fsa-773×420.png 773w, https://news.bitcoin.com/wp-content/uploads/2019/01/fsa.png 1032w "sizes =" (maximum width: 300 pixels), 100 pixels, 300 pixels”/>The Financial Services Agency (FSA), Japan's highest financial regulator, announced on Friday that it has approved the registration of Coincheck as a cryptocurrency exchange. Under the country's Payment Services Act, all cryptographic exchanges must be registered with the FSA.

The parent company of the stock exchange, the Monex Group, also released a press release Friday containing the details of the registration. The announcement reads as follows:

Coincheck Inc … announced today that it has been registered with the Kanto Financial Bureau as a cryptocurrency exchange agency in accordance with the Payment Services Act, as of January 11, 2019.

<img class = "medium-size wp-image-273645 align” title=”Japan approves 17th Cryptocurrency Exchange – a first in more than a year” src=”https://news.bitcoin.com/wp-content/uploads/2019/01/coincheck-logo-300×66.png” alt=”Japan approves the 17th Cryptocurrency Exchange – its first in more than a year "width =" 300 "height =" 66 "srcset =" https://news.bitcoin.com/wp-content/uploads / 2019/01 / coincheck-logo- 300×66.png 300w, https://news.bitcoin.com/wp-content/uploads/2019/01/coincheck-logo-768×168.png 768w, https: //news.bitcoin .com / wp-content / uploads / 2019/01 / coincheck-logo-1024×224.png 1024w, https://news.bitcoin.com/wp-content/uploads/2019/01/coincheck-logo-696×153.png 696w , https: //news.bitcoin. com / wp-content / uploads / 2019/01 / coincheck-logo-1392×305.png 1392w, https://news.bitcoin.com/wp-content/uploads/2019/01/coincheck-logo-1068×234.png 1068w, https://news.bitcoin.com/wp-content/uploads/2019/01/coincheck-logo.png 1588w "sizes =" (maximum width: 300px) 100vw, 300px”/>According to the FSA website, Coincheck manages nine crypto currencies: BTC, ETH, ETC, LSK, FCT, XRP, XEM, LTC and BCH.

<img class = "medium-size wp-image-273652 align” title=”Japan approves 17th Cryptocurrency Exchange – a first in more than a year” src=”https://news.bitcoin.com/wp-content/uploads/2019/01/coins-2-300×204.png” alt=”Japan approves the 17th Cryptocurrency Exchange – its first in more than a year "width =" 300 "height =" 204 "srcset =" https://news.bitcoin.com/wp-content/uploads / 2019/01 / corners-2- 300×204.png 300w, https://news.bitcoin.com/wp-content/uploads/2019/01/coins-2-768×523.png 768w, https: //news.bitcoin .com / wp-content / uploads / 2019/01 / corners-2.png 970w, https://news.bitcoin.com/wp-content/uploads/2019/01/coins-2-696×474.png 696w, https : //news.bitcoin.com/wp-content/uploads/ 2019/01 / corners-2-617×420.png 617w "sizes =" (maximum width: 300px) 100vw, 300px”/>After being hacked last January, Coincheck suspended some services "to focus on improving governance and internal controls by developing and implementing business improvement plans," explained the society. On November 26, services for negotiable crypto-currencies were resumed, including deposits, discounts, purchases and sales.

Originally, Coincheck applied to be registered with the FSA in September 2017. While the regulator had approved 16 cryptographic exchanges in that year, it continued to evaluate Coincheck. The stock market was classified as a reputable broker, which means that it was allowed to operate while the FSA was reviewing its application.

Necessary improvements made

<img class = "medium-size wp-image-273653 align” title=”Japan approves 17th Cryptocurrency Exchange – a first in more than a year” src=”https://news.bitcoin.com/wp-content/uploads/2019/01/checklist-300×190.png” alt=”Japan approves the 17th Cryptocurrency Exchange – a first in addition to a year "width =" 300 "height =" 190 "srcset =" https://news.bitcoin.com/wp-content/uploads / 2019/01 / checklist-300×190. png 300w, https://news.bitcoin.com/wp-content/uploads/2019/01/checklist-768×487.png 768w, https://news.bitcoin.com/wp-content/uploads/2019/01/ checklist-696×441.png 696w, https://news.bitcoin.com/wp-content/uploads/2019/01/checklist-662×420.png 662w, https://news.bitcoin.com/wp-content/uploads/ 2019/01 / checklist.png 1011w "sizes =" (maximum width: 300 pixels) 100vw, 300 pixels”/>In Friday's announcement, Coincheck outlined six areas he had addressed in order to comply with the FSA registration requirements. The stock market has "fundamentally improved governance", "reviewed the commercial strategy and ensured the protection of customers", "strengthened the control of governance by the board", "clarified the risks related to the crypto-currencies proposed by the company", "Implemented measures to combat money laundering (AML) and the fight against the financing of terrorism (CFT)" and "a revised organizational structure to ensure its validity".

<img class = "medium-size wp-image-273672 align” title=”Japan approves 17th Cryptocurrency Exchange – a first in more than a year” src=”https://news.bitcoin.com/wp-content/uploads/2019/01/mining-1-300×196.png” alt=”Japan approves the 17th Cryptocurrency Exchange – its first in more than a year "width =" 300 "height =" 196 "srcset =" https://news.bitcoin.com/wp-content/uploads / 2019/01 / mining-1- 300×196.png 300w, https://news.bitcoin.com/wp-content/uploads/2019/01/mining-1-768×502.png 768w, https: //news.bitcoin .com / wp-content / uploads / 2019/01 / mining-1-696×455.png 696w, https://news.bitcoin.com/wp-content/uploads/2019/01/mining-1-643×420.png 643w , https: //news.bitcoin. com / wp-content / uploads / 2019/01 / mining-1.png 866w "sizes =" (maximum width: 300px) 100vw, 300px”/>On December 25, the Monex Group announced to investors that neither it nor Coincheck offer "activities related to cryptocurrency extraction, including cryptocurrency extraction". This clarification follows the announcements of GMO Internet and DMM.com regarding their own extraction activities. GMO Internet said it would do it not anymore develop, manufacture and sell mining machines. DMM.com would be outgoing the mining sector cryptocurrency quite.

In addition, the company assured investors that it "did not carry out cryptocurrency transactions on its own behalf," adding:

Coincheck Inc. makes quick transactions with domestic and foreign currency exchanges for positions resulting from sale and purchase transactions with customers.

Coincheck's approval comes more than a year after the last cryptocurrency swap, Bitocean, approved by the FSA on December 26, 2017. The hack Coincheck's decision in January prompted the agency to slow down the pace of approvals and began tightening its surveillance of cryptographic exchanges, forcing 13 of the 16 suspected dealers to leave the market. Nevertheless, the FSA told news.Bitcoin.com at the end of last year, more than 190 cryptographic central operators have expressed their intention to enter the market.

What do you think of the Japanese regulator who finally granted Coincheck the registration? Let us know in the comments section below.


Images courtesy of Shutterstock and Coincheck.


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