On Monday, OKCoin Japan revealed that it has obtained an operating licence to start a crypto exchange in Japan, Finance Magnate reports.
OKCoin Japan, an offshoot of OK Group, stated that it is well prepared to fully adhere to the set the laws dealing with cryptocurrencies in the Payment Service Act, the set administrative guidelines as well as self-regulatory regulations that have been spelled out by the regulatory agencies such as the Japanese Financial Services Agency (FSA) as well as the Japan Virtual Currency Exchange Association (JVCEA).
— OKCoin (@OKCoin) March 31, 2020
Japan has some of the toughest regulations in regards to cryptocurrency exchange services after a series of high-profile heist cases. Following a security breach of crypto exchange platform Coincheck that led to the loss of $535 million worth of cryptocurrency, the government came up with tough regulations to curb such incidences.
The government pushed for a creation of a self-regulatory body by the exchanges, JVCEA which worked closely with FSA in crafting of the nation’s crypto regulations.
According to the press release, OKCoin Japan stated it has already finished the long process of creating extra safety measures for protection of the clients. The firm stated that it has created a robust, secure as well as a stable system to provide cryptocurrency exchange services. The firm is also boasting of a robust KYC system as well as a ‘dynamic’ risk profiling capacity.
OKCoin Japan CEO, John Feng, explained that the granting of the licence was a pat on the back for the company and a sign that the regulator is satisfied with the measures put in place by the firm. He said,
“The license granted today despite the serious coronavirus situation in Tokyo was a pat on the back for us. It shows not only the regulator’s commitment to the crypto industry but also its strong support to OKCoin Japan. This is the first license issued this year–and the first ever to a global crypto exchange that obtained it through the regular application process.”
OKCoin became the first firm to gain a crypto exchange operating licence in Japan this year as well as the first ever international crypto exchange to be given the licence.
The new licence will expand OK Group’s operations around the world. The firm has been in operations since 2013 with subsidiaries in Europe, the US, China, Malaysia and Philippines. The firm has a workforce of over 1000 globally and the number is expected to increase after the Japanese outfit is launched.