Japan’s Top Financial Watchdog Approves Two New Crypto Exchanges out of 23 that Applied

Japan’s Top Financial Watchdog Approves Two New Crypto Exchanges out of 23 that Applied


According to a recent report, the largest financial regulator in Japan has revealed some analysis of digital currency exchange registrations. It revealed that only 2 out of the 23 companies that applied to the regulator have been granted approval and that more than 140 were still interested in entering the market.

Two Companies Approved So Far, 140 Others Reportedly Interested

Two new virtual currency exchanges got approved by the Japanese Financial Services Agency (FSA) this week. One of them is from Decurret Co. Ltd. while the other is from Rakuten Wallet Co. Ltd.

The publication released by the FSA states that:

“The number of entities which have expressed interest in market entry as virtual currency operators in Japan (Including preliminary consultation/inquiries regarding registration) is more than 140 since last March.”

The statement further reads that:

“Among 23 entities from which FSA has actually received questionnaire … seven entities are under the main evaluation process as of this March.”

Only Rakuten Wallet and Decurret have been registered out of the seven so far.

Also, the FSA revealed that it took 6 months to finish the process which was required from the main valuation process to the registration as a crypto-asset broker. This new addition has increased the number of approved companies in Japan to 19.

Rakuten Wallet

After the FSA released its statement, Rakuten Inc. also issued a publication stating that its wholly owned subsidiary, Rakuten Wallet Inc., has been approved as a “cryptocurrency exchange service provider”.

Currently, the Rakuten Group provides over 70 internet and fintech services in 30 countries and regions, with its number of users reaching about 1.3 billion all over the world.

The press release states that:

“The company changed its trading name from ‘Everybody’s Bitcoin Inc.’ to ‘Rakuten Wallet Inc.’ on March 1, 2019, and will stop its current service at the end of March. Users can open new accounts for a new service from April.”