On September 29, 2017, Japan's Financial Services Agency (FSA) announced the approval of licenses for 11 cryptocurrency exchanges, marking a significant step in formalizing the country's digital asset market. The platforms granted licenses include:
- Money Partners
- QUOINE
- Bitflyer
- bitbank
- SBI Virtual Currencies
- GMO Coin
- Bittrade
- BTCbox
- Bitpoint
- FISCO
- Tech Bureau Corp
Regulatory Framework
The FSA mandates that licensed exchanges adhere to strict requirements:
- Maintain minimum capital/reserve funds
- Segregate client assets from operational funds
- Implement anti-money laundering (AML) and "Know Your Customer" (KYC) protocols
Japan's Crypto Landscape
Japan has emerged as a global leader in cryptocurrency trading volume since China's 2017 exchange ban. Bitcoin trading in Japan frequently accounts for over 50% of global daily volume.
Key developments:
- April 2017: Cryptocurrencies gained legal tender status in Japan.
- October 2017: New legislation took effect, requiring exchanges to register with the FSA by September 30.
- Ongoing Oversight: The FSA formed a 30-member taskforce to enforce compliance, including cybersecurity audits and asset management checks.
👉 Explore secure crypto trading platforms for regulated exchange options.
South Korea Bans ICOs Following China's Lead
South Korea's Financial Services Commission (FSC) announced a full prohibition of Initial Coin Offerings (ICOs) on September 29, citing risks of fraud and market instability.
Key Measures:
- Ban Scope: All domestic ICOs, regardless of structure.
- Penalties: Participating金融机构 face "stern actions" (details unspecified).
- Monitoring: The government will assess是否需要 additional regulations for virtual currency trading.
Global Context
South Korea is the second nation after China to impose an outright ICO ban. The FSC clarified that this move does not legitimize crypto trading within its financial体系.
FAQ Section
1. Why did Japan license only 11 exchanges?
The FSA prioritizes stringent compliance. Over 50 applicants are under review, with 17 pending further evaluation.
2. How does Japan's crypto regulation differ from South Korea's?
Japan regulates exchanges via licensing, while South Korea focuses on restricting ICOs and monitoring trades.
3. Can Coincheck still operate in Japan?
Coincheck submitted an application but awaits approval. Unlicensed platforms risk shutdown.
4. What's the impact of South Korea's ICO ban?
Projects must seek funding abroad, potentially reducing local blockchain innovation.
5. Are other countries likely to follow these policies?
Market-specific approaches prevail; the EU and USA are crafting tailored frameworks而非 blanket bans.
👉 Learn about compliant ICO alternatives in regulated jurisdictions.