It would appear that Japan is still pushing forward in terms of cryptocurrrency regulation. New guidelines will allow the market to cater to more companies and investors in the island nation.
Japan has always been a prominent region for Bitcoin and altcoin activity.
Stepping up Crypto Regulation in Japan
New guidelines will be introduced to further regulate this particular industry.
Most people do not like the idea of a regular cryptocurrency industry.
More often than not, regulatory measures tend to make the industry far less appealing than it needs to be.
In Japan, however, things are being done very differently.
While the country has strict requirements for exchanges, it is a beneficial development in the long run.
Far too often, shady exchanges and trading platforms are allowed to operate for years on end.
It now seems that foreign companies looking to set up shop in Japan will need to hold licenses in multiple jurisdictions.
More specifically, a Japanese license needs to be obtained through the FSA.
In addition, the company needs to have a license in its home jurisdiction.
Any company not adhering tot he domestic guidelines – either willingly or due to a lack of licensing options – will not be welcome in Japan.
A solid decision, as exchanges need to put in the proper work before trying to handle millions of dollars in volume.