Japan’s Financial Services Agency (FSA) approved the application of another crypto exchange. As a result, the number of approved crypto exchanges increased from 20 to 21. Lastroots was the only remaining crypto exchange that was waiting for the decision.
Last week FSA made the decision to approve this application. It is worth mentioning that by approving the last crypto exchanges, there is no so-called “deemed cryptocurrency exchange’ left in the country.
Let’s have a look at what is the difference between the approved crypto exchange and “deemed cryptocurrency exchange.” It is very simple to distinguish these two terms. Deemed cryptocurrency exchanges are the exchanges that operated prior to April 2017. That year Japan changed Fund Settlement Law. Also, the amended Payment Services Act went into effect.
Thanks to the new law, cryptocurrency obtained legal status. It means that it is a means of payment, and crypto exchanges should register with the FSA.
Registered Crypto Exchanges
Lastroots was established in June 2016, several months later it launched an exchange in March 2017.
In September of that year, the Tokyo-based company applied for registration alongside with other crypto exchange operators. However, 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. Also, last April, it became part of Okwave Co. Ltd, which is one of the largest social Q&A communities.
Apart from the crypto exchange, this company is also engaged in business development using Blockchain technology.
Japan’s Financial Services Agency registered the first 11 crypto exchanges on September 29, 2017. The early approved exchanges were Money Partners, Bitflyer, Bitbank, Bitpoint Japan, etc. On November 27, Lastroots became the latest crypto exchanges to receive permission from the FSA. The cryptocurrency market is developing, and with proper regulations, it can boost Japan’s economy.
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