Business

Ed Drake

Another crypto exchange gets green light from Japan regulators

Regulators in Japan have given their approval to another crypto exchange service, announcing the latest licensee to be officially given the green light for an April launch.

Capping off a busy week for financial regulators, the Financial Services Agency (FSA) confirmed DeCurret Co. Ltd. had successfully completed the application process to become registered as a virtual currency exchange service provider, which paves the way for the launch of their new service in the coming days.

The registration, filed with the Kanto Local Financial Bureau, is the second this week to receive the nod from the authorities, following announcements from e-commerce giant Rakuten earlier in the week around its new Rakuten Wallet service.

The exchange providers have been licensed under terms set out in Japan’s amended Payment Services Act, which was updated to reflect new regulations around cryptocurrency and exchange operators.

According to a press release issued by Decurret, the firm is eyeing a significant role within the regulated Japanese cryptocurrency sector, saying, “With the concept of ‘connecting and exchanging all values and making transactions easier and faster,’ DeCurret aims to become a significant financial servicer for crypto assets, setting a standard for highly secure and convenient digital currency trading.”

“The number of companies that have shown interest in launching operations as virtual currency operators in Japan (including preliminary consultation/inquiries regarding registration) is now over 140 since March 2018,” according to the company.

Despite the ongoing slump in crypto prices, led by the collapse in Bitcoin Core (BTC) over the last year or so, a number of firms continue to exhibit interest in securing the new license, and becoming officially recognized as exchange operators under Japanese law.

As part of its announcement, the FSA suggested that seven of the 23 applications currently on its desk were ready for approval, with others actively working towards securing the license.

The process of securing a coveted operators’ license takes upwards of six months, with firms required to show they have reached a high standard of compliance across internal management structures and processes.

With DeCurret only the latest to get the necessary approvals in place, competition in the space continues to become ever more diverse for investors.

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