Cryptocurrency has become one of the main industries in Japan these days. A lot of local exchanges generate plenty of trading volume. Coincheck is one of the major cryptocurrency exchanges in the country. The company has officially been certified to operate as a compliant digital currency exchange. The goal is to introduce additional regulation by the end of this month. Coincheck is the first company fully licensed in this regard.
Japan is a major region in the world of Bitcoin and cryptocurrency. More specifically, the country has shown a great appetite for embracing Bitcoin. As a result, the local government decided to introduce some new regulatory requirements. These new rules give cryptocurrency more legitimacy in Japan as well. Although not everyone will appreciate additional regulation, Coincheck has made no bones about it. In fact, they are already certified under the new rules which have yet to go into effect later this month.
Coincheck Checks all the Right Boxes
A lot of things have fallen into place in Japan as of late. More specifically, the country legalized cryptocurrency not too long ago. Ever since that time, we have seen a snowball effect of merchants embracing cryptocurrency payments. This has also introduced more customers to Bitcoin and the associated exchanges. Complying with the regulatory requirements is always the best course of action for any local company. Coincheck has done exactly that and reached this new milestone accordingly.
Given the history Japan has with Bitcoin, these new rules don’t come as a big surprise. More specifically, the Mt. Gox collapse still plagues the country to this very day. It is evident the government doesn’t want history to repeat itself in this regard. Although we don’t know what these new rules entail exactly, it shouldn’t hinder innovation in any significant way. Insurance protection and regular checkups by authorities are two of the requirements to become fully certified.
It is good to see Coincheck receive its license so quickly. The company has built up a very solid reputation in the country over the past year. Any exchange not registered by the end of this month will be in violation of local laws. Moreover, the platforms are required to report price volatility and have to thoroughly vet users’ identities. All of this will make Bitcoin and cryptocurrency appear more legitimate. That is no unnecessary luxury considering the dark history Bitcoin has in the minds of most people.
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