The Financial Services Agency (FSA) has approved two new cryptocurrency exchanges this week. The FSA is the financial watchdog of Japan. It has given the nod for Rakuten Wallet Co. Ltd and DeCurret Co. Ltd to set up shop as crypto exchanges.
The FSA picked Rakuten and DeCurret from a pool of seven applicants. This brings the number of crypto-asset brokers in Japan up to 19. The other five applicants had been shortlisted for approval within March, given that they met all requirements set out by the FSA.
In an exclusive to News.Bitcoin.com, the FSA wrote:
The number of entities which have expressed interest in market entry as virtual currency operators in Japan… is more than 140 since last March.
The event came after six months of thorough checks by the FSA.
Rakuten Wallet Inc.
On March 26th, Rakuten Inc. issued a press release confirming that the Rakuten Wallet Inc. was now a virtual currency exchange service provider (VASP) in Japan. Rakuten Inc. owns the new exchange wholly. The company boasts a customer base of 1.3 billion. It offers over 70 services across 30 countries.
Rakuten Wallet, whose former name was ‘Everybody’s Bitcoin,’ changed names on March 1st, 2019. It noted that Everybody’s Bitcoin would stop all its services at the end of March. On April, the new VASP will start accepting new member registrations.
While the review was underway, the FSA gave Rakuten Wallet some leeway. It allowed them a status dubbed ‘a deemed virtual service provider’. During that time, Rakuten was given a list of recommendations of changes that it should make in order to get approved.
The FSA had told Everybody’s Bitcoin to restructure its management after Rakuten bought out the business. When the company complied with all the recommendation, FSA picked it for registration.
The new wallet will provide ETH, BTC and BCH exchanges.
DeCurret has ambitious plans. The company announced last year that it aims to be the leading bank of digital currencies. It boasts itself to be an efficient service provider.
DeCurret has its main offices in Tokyo. It will support Bitcoin, Bitcoin Cash, Ripple, Ethereum and Litecoin. The company wrote:
We have built a system that allows us to offer services that can exchange, send, receive, and store digital currency.
Do you think Japan will approve the remaining companies that are applying to be registered as exchanges? Let us know in the comment section below!