19 Chinese exchanges apply for a Japanese license

Chinese exchanges seek second chance in Japan, Singapore, Hong Kong and South Korea
28 October 2017   980

China's relationships with cryptocurrencies and ICOs have been quite tough lately. Following the crackdown by the government last month, Bitcoin exchanges in China are looking to continue their businesses in cryptocurrency-friendly countries such as Japan, Singapore, Hong Kong and South Korea.

For instance, as reported, several Chinese companies are now applying for a license to operate in Japan, the country that legalized Bitcoin as a method of payment in April. Thus, cryptocurrency exchanges are required to register with the country’s Financial Services Agency (FSA). 

There’re at least 19 companies applying for a Japanese license.
 

bloomberg.com

Still, not only Japan is a cryptocurrency-friendly place. These are the Hong Kong-based exchange, Binance, that is looking for local partners and considering acquiring an operational exchange, and Beijing-based exchange Bixin, which has also expressed its interest.

Mike Kayamori, Head of Quoine, the Singapore-based exchange with a strong presence in Japan, comments on the situation.

We’re talking to almost all of those guys. They’re all desperate now. There’s a lot of Chinese retail people reaching out to us, but we can’t handle it. So if a Chinese partner can handle all of those and they connect to us, that will be much easier.
 

Mike Kayamori
Head of Quoine

On top of that,  some Chinese exchanges are turning to Singapore. The managing director of the Monetary Authority of Singapore (MAS), Ravi Menon, reveals that the central bank has no plans to regulate cryptocurrencies. Staying true to this "open mind” perspective, Singapore could become one of the most important countries for the development of Blockchain technology.

New York State to Revise BitLicense Granting Terms

At the moment, BitLicense is the most stringent legal framework for the cryptocurrency industry
23 October 2019   15

The terms for granting the so-called BitLicense, the license required for cryptocurrency companies to work in New York State, will be reviewed. This was stated by the superintendent of the New York Department of Financial Services (NYDFS) Linda Lacewell, reports CoinDesk.

BitLicense is considered the most stringent legal framework for the cryptocurrency industry at the state level. In particular, companies are required to receive it for cryptocurrency transactions of New Yorkers, even if they themselves are based in other jurisdictions.

Last year, Kraken, a San Francisco-based exchange, chose not to receive BitLicense, but to completely leave New York. Earlier this year, the Bittrex exchange (Seattle) also left the state without licensing.

This is a good time to take a look, a responsible look and see how our regime is fitting the current market and … what if any adjustments should we think about making to continue to adapt to sort of a changing industry … that’s going to be one of the things that [we do].
 

Linda Lacewell

Superintendent, New York Department of Financial Services

At the same time, she called not to “be too happy” about possible changes in the rules for the cryptocurrency industry.

According to her, the current regulatory regime “works well,” but the industry has changed since 2015, when BitLicense was introduced.

How has the industry grown? Has it matured in any way? And I don’t want to get too specific, but you know, it’s a good time for a second look.
 

Linda Lacewell

Superintendent, New York Department of Financial Services

 Lacewell did not specify when the revision of licensing terms will be completed and what exactly industry participants can expect in the end.

Since the introduction of the license until June 2018, only 6 companies have received BitLicense, but over the past 20 months, after the regulator has softened its position, 16 more companies have been added to their number.