Is Japan the Bitcoin Capital of the World?

1,091 Views · Posted 6 years ago

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With Bitcoin becoming more and more ubiquitous with each passing day, the Japanese government has now seen the necessity of licensing Bitcoin exchanges. On September 29, the Financial Services Agency of Japan (FSA), announced the issuance of operating licenses to 11 cryptocurrency exchanges in the country.

The licensing was possible because the Japan payment services law was amended to include cryptocurrency exchanges within its jurisdiction. The payment services law now gave Bitcoin the status of a legal tender in Japan and also laid down the guidelines that all Bitcoin exchanges in Japan must follow.

The FSA made it clear to all licensed Bitcoin exchanges in Japan that they must pay proper attention to Cybersecurity, segregation of customer accounts and also to conduct appropriate know-your-customer- checks(KYC).

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