While its Asian neighbours are curtailing cryptocurrencies the Japanese government is taking a pro-active approach.
A total of 11 companies received a cryptocurrency dealer license from the Japanese Financial Services Agency (JFSA). The firms notably include companies related to the retail foreign exchange segment in Japan.
A revision in Japanese law in April ordered companies that deal with cryptocurrencies to become licensed by the financial regulator. The Japanese Treasury Department appears to have taken a different approach to many other jurisdictions in the Asia-Pacific.
Fraud Concerns
The licenses come with a list of disclaimers from the JFSA stating that the Japanese Treasury does not guarantee or control the value of digital currencies. Authorities also highlight that cryptocurrencies are not necessarily backed by any assets.
The list of Japanese FSA-regulated cryptocurrency dealers also includes QUOINE, BitFlyer, Bit Bank Corporation, SBI Virtual Currencies, Bit Trade, BTC Box, Bit point Japan, Fiscal Virtual Currency Exchange, and Tech Bureau.
finews.asia reported recently that Korea had joined other Asian jurisdictions in banning raising money through all forms of virtual currencies.
