Last week, Japan’s Financial Services Agency (FSA) approved the application of the previous remaining crypto exchange. Tokyo-based company Lastroots became the 21st approved crypto company to gain recognition from FSA.
Let’s have a look at the history of this company, which dates to June 2016. Several months later it launched a cryptocurrency exchange in March 2017.
In September 2017, the Tokyo-based company applied for registration alongside with other operators. Nevertheless, it longer than expected to solve all the problems. Last year, more precisely, in April 2018, Lastroots received a business improvement order from the Financial Service Agency.
Lastroots became part of Okwave Co. Ltd, which is one of the largest social Q&A communities in April 2018.
Apart from the crypto exchange, this company also operates in business development using Blockchain technology.
Japanese authorities and crypto exchanges
Japan’s Financial Services Agency registered the first 11 crypto exchanges on September 29, 2017. The first 11 companies included Money Partners, Bitflyer, Bitbank, Bitpoint, Japan, etc. On November 27, Lastroots became the latest crypto exchanges to receive permission from the FSA.
As mentioned above, FSA decided to register another crypto exchange.
It is an interesting fact that by approving the application of Lastroots, there is no so-called “deemed cryptocurrency exchange’ left in the country.
It is desirable to know the difference between the approved exchange and “deemed cryptocurrency exchange.” It is very simple to distinguish these two terms. Deemed cryptocurrency exchanges are the exchanges that operated before April 2017.
In 2017, Japan changed Fund Settlement Law. Also, the amended Payment Services Act went into effect.
As a result, cryptocurrency obtained legal status. It means that it is a means of payment, and crypto exchanges should register with the FSA. The digital currency market is evolving, and with proper regulations, it can boost Japan’s economy.