- Opening bank accounts
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Being known as a global innovation hub, Japan is not lagging behind in the Fintech and IT field either. This post will be dedicated to this topic. It happens to be especially useful for entrepreneurs who are planning to register a crypto exchange in Japan or are interested in regulation aspects related to cryptoasset trading platforms there.
In Japan, it is necessary to exchange cryptocurrencies and fiat currencies through state-registered cryptocurrency exchanges. Meanwhile, in order to pass the registration, a cryptocurrency exchange must comply with licensing criteria and obtain a license. Moreover, a cryptocurrency exchange license is also obligatory for those who hold or manage cryptoassets in Japan.
When it comes to the current rules of secure storage for cryptoassets, Japan requires the following:
According to the new rules, clients have a possibility to receive preferential payment corresponding to their cryptoassets if a cryptocurrency exchange fails.
The main sources of regulation applied to foreign-based cryptoasset exchanges are the PSA and the FIEA. As the PSA states, only the PSA-registered foreign-based cryptoasset exchanges are allowed to attract clients and perform transactions with cryptoassets.
Overall, in order to determine whether one certain activity is considered to be cryptocurrency exchange services in Japan or not, it is crucial to define the exact nature of that activity.
For those who are interested in starting a cryptocurrency exchange in Japan or are wondering about cryptoasset regulation there, COREDO is here to assist. Please contact us: our specialists are ready to answer all your questions.