Japan is ready to accept six new virtual currency exchanges in its territory. The exchanges are going to be launched by companies that are listed on the Tokyo Stock Exchange and that are compliant with all the Japanese regulations on virtual currencies.
Japan Receives Cryptocurrency Exchanges
Around the world, governments and regulatory agencies are trying to understand how to better regulate the virtual currency market. And the same is happening in Japan, which has been investigating crypto exchanges and clarifying the rules they have to accept.
But it does not mean that new cryptocurrency exchanges cannot start operating in the country. This time, 6 companies decided to launch their own platforms to the market. And the list is even bigger if we take the plans of other companies like Yahoo Japan that have shown their interest for the crypto market.
In Japan, there are 3.5 million individuals that are trading virtual currencies, and the country has been one of the most active in the market. Additionally, the investors that are more related with investments in virtual currencies are those between 20 and 40 years old.
Trading activities have also been growing in the country. The trading volume passed from $22 million in March 2014, to $97 billion three years later. And the reality is that there are almost 100 different companies trying to apply for crypto trading licenses through the local Financial Services Agency (FSA).
Other countries like South Korea or China have been imposing different sanctions to crypto trading activities, virtual currencies and more. At the same time, some nations, including Malta, Switzerland, Belarus, Bermuda and others have been working very hard to create crypto-friendly regulations.
Several companies are starting to move their operations to these countries trying to be compliant and generating higher returns (due to lower taxes). Additionally, we can mention that the regulatory landscape is becoming more competitive. Some cities and countries realize that they are losing important opportunities if they impose hard regulations. For example, South Korea may be ready to start accepting some Initial Coin Offering (ICOs) under certain conditions.