Japan Issues Licenses Unlike China

FSA officials say:

“With the new regulation, Tokyo aims to balance the need to protect investors with the need to support fintech innovations.”

In stark contrast to its neighbors China and South Korea, who are increasing efforts to ban ICO’s and the trade in digital currencies, The Financial Services Agency (FSA) in Japan approved 11 companies to operate cryptocurrency exchanges in the country.

Exchanges are now allowed to operate without a license up until this point but regulating the industry will aid in the fight to combat fraud, while still keeping innovation alive.

To obtain a license, companies have to adhere to a number of strict requirements, including segregation of customer accounts and building strong computer systems.

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