110 Cryptocurrency Exchanges Want to Launch in Japan – A Look at Recent Changes

Following G20 meetings, where Japan led several discussions regarding crypto assets, the country’s top financial regulator told news.Bitcoin.com that 110 crypto exchanges are now interested in launching in Japan. The country recently passed a new cryptocurrency bill, and some approved crypto trading platforms have undergone changes.

Also read: G20 Leaders Issue Declaration on Crypto Assets – A Look at Their Commitments

110 Exchanges Want to Enter Japanese Crypto Space

Under Japanese law, companies are required to register with the country’s top financial regulator, the Financial Services Agency (FSA), to operate crypto exchanges. There are currently 19 registrants operating in the country, 16 of which were approved in 2017 while three were approved this year. However, many more crypto exchange operators have expressed interest in entering the Japanese crypto space.

The FSA revealed to news.Bitcoin.com Monday that these businesses are in various stages of registration such as “preliminary consultation” and “inquiries regarding registration,” adding:

The number of crypto asset exchange service providers which have expressed their interest is about 110 as of June.

Among applicants waiting to be approved is Line Corporation, which owns Japan’s most popular mobile messaging app, Line. The company currently operates an exchange called Bitbox worldwide