The Financial Services Agency of Japan (FSA) has satisfied the application of the Tokyo Bitcoin Exchange Coincheck to obtain a license that allows it to operate on the territory of the country. This is reported by the CryptoNinjas.
According to the new rules, obtaining a license is a prerequisite for platforms that want to carry out trading in crypto-currencies. At the same time, the exchange must obtain the necessary approval documents by the end of September.
The law regulating the activity of Japanese crypto-exchange exchanges was adopted in 2016. Platforms intending to conduct business in this area must receive a special license from the FSA, and also comply with a number of established requirements, including the minimum authorized capital.
At the end of August it became known that as of June 30 this year FSA received 50 applications for the opening of crypto exchanges.
Coincheck is one of the most popular crypto-currency companies in the country, obtaining a license was probably just a matter of time and was not questioned. Also, we can expect that such well-known exchanges as bitFlyer, Zaif, and BitPoint will not face any problems, as well as platforms that other large companies are planning to launch.
At the same time, there is reason to believe that not all applications will be satisfied, and smaller operators will be forced out of the market.