The Japanese cryptocurrency exchange Coincheck received a license of the regulator.
The Monex Group, which bought a crypto exchange in the spring for $ 33.5 million, reported that Coincheck is registered with the Japan Financial Services Authority (FSA) in accordance with the Payment Services Act.
To receive the license, the FSA presented “a full description of the company’s business, plans, basic risk management philosophy, as well as development plans for managing a company with specific internal controls, implying consumer protection,” Monex said in a statement.
Over the course of the year, Japanese crypto exchange has consistently advanced to resume full-fledged work on a new secure platform, including third-party experts, Monex stressed. In October, the site renewed the registration of users, opened up the possibility of replenishing deposits and trading in several cryptocurrencies. In November, the XEM token was returned to the platform.
The Coincheck incident led to tighter regulation of the cryptocurrency market in Japan. It is noteworthy that Oki Matsumoto, CEO of the Monex Group, said earlier that cryptophone should be regulated as strictly as the banking sector.
Local media suggested that the Coincheck FSA license could accelerate the approval process for applications from about 200 crypto companies awaiting a decision by the regulator of Japan.