Cryptocurrency Exchanges give up on Japan licensing efforts – The Reason? Can’t meet the government’s requirements
Five cryptocurrency exchanges have withdrawn their requisitions to be licensed authorized in Japan, saying they can’t meet the government’s requirements, those Financial Services agencies said on Thursday.
Two exchanges, Tokyo GateWay and Mr. Exchange, as of late advised the government they will never again want to apply for the licenses. Three other exchanges: Raimu, bitExpress and Bit Station, dropped out earlier, the offices said.
Japan has been bullish on digital money and has set up an arrangement requiring that exchanges be licensed to help secure consumers.
Sixteen exchanges have the licenses.
Before shutting down, customers will get paid through the exchanges that are giving up – Reported FSA.
They also included that those organizations might continue with other services that don’t require the cryptocurrency exchange licenses.
Before this year, the Tokyo-based Coincheck trade reported a 58 billion yen ($547 million) loss of a cryptocurrency known as NEM, starting with suspected criminal hacking. There have been no arrests in a case. Coincheck, in operation since 2012, has been applying for a government permit but that has not yet gotten one.