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16 Government-Approved Crypto Exchanges Forming Self-Regulatory Body in Japan

16 cryptocurrency exchanges that have been approved by the Japanese government are teaming up to form a self-regulatory group, following the hack of one of the country’s most popular exchanges. Besides these exchanges, there are 16 “quasi-operators” for cryptocurrencies as well as about 100 firms seeking to enter the market in Japan.

Exchange forms a self-regulated body
16 Cryptographic exchanges approved by the government that form a self-regulated organization in Japan Japan does not currently have a self-regulatory body. However, after the great piracy of one of the most popular encryption exchanges in the country, the need for self-regulation in the country has increased. Coincheck was pirated for 58 billion yen (~ 530 million US dollars) from the NEM cryptocurrency in January. After the piracy, the Financial Services Agency of Japan (FSA) began to examine all the exchanges that operate in the country. The agency is also urging industry players to adopt self-regulatory standards.

16 cryptographic exchange operators are currently fully approved by the FSA. The revised Payment Services Act, which came into force in April of last year, requires that all cryptographic exchanges be registered with the agency.

The exchanges announced on Thursday, according to Reuters:

The 16 cryptocurrency bags registered by the Government of Japan will establish a self-regulatory body to increase confidence in an industry affected by a $ 530 million digital theft in January.

Although the name of the new organization and the date of registration in the FSA were not announced, the sources told the press that "the body would be established this spring."

Japanese exchanges participants
The FSA began issuing licenses to cryptographic exchange operators in the second half of last year. Eleven were approved in September: Money Partners, Quoine, Bitflyer, Bit Bank, SBI virtual currency, GMO currency, Bittrade, BtcBox, Bitpoint, Fisco virtual currency and Zaif. In early December, Tokyo Bitcoin Exchange, Tokyo Bit Arg Exchange, FTT Corporation and Xtheta Corporation were also approved. Then, in the same month, Bitocean became the 16th and last operator to obtain an FSA license so far.
In addition to the 16 approved stock exchanges, the FSA has allowed operators cryptomoneda "almost" to do business while their applications are underway. These operators have been in business for cryptographic exchange before the introduction of the registration system.

16 quasi-operators are Minnano Bitcoin, Payward Japan, Lemuria Bitcoin Exchange (Bitcrements), Campfire Corporation, Tokyo Gateway, Lastroots Corporation, Flow, Eternal Link, FSHO Corporation, Kirin Corporation, Bit Station, Japan Blue Dream, Mr. Exchange BMEX Corporation, Bitexpress Corporation and Coincheck.

In addition, more than 100 companies wishing to obtain a license to operate the exchanges in the country encryption.

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