Various Japanese crypto firms decided to take the long run as report says that over 200 of them still applies for crypto licenses despite the bearish market.
Japan Continues To Strive For Crypto
Japan has been a crypto-friendly state over the years. Although a lot of the biggest controversy in crypto money laundering happened in the country, Japan still aims to be on top when it comes to digital tokens.
Over 200 Crypto Firms Demand Crypto Licenses
As a proof to this, according to the latest report of the country’s Financial Services Authority (FSA), there are over 200 crypto firms still looking to get their crypto licenses from the agency. As a matter of fact, communication application Line and MUFJ Bank were the top companies that are still waiting for their licenses issued by FSA.
It is quite an amazing fact for crypto industry to become patronised by Japan despite the continuous bearish market happening in cryptos. For example, the value of Bitcoin still roams around $3,500 to $4,000 compared to its highest value back then. Even with this, the number of Japanese companies looking forward with the benefits in cryptocurrencies, continues to rise off the chart.
Stricter Regulations For A Better Crypto Market
However, Japanese government seemed to have enough with all crypto schemes that were evident in these digital tokens. As a way to lessen these, the government decided to toughen up their regulations in crypto businesses and allow a stricter rules in trading cryptos in the country.
According to the report of Japan Times, the state watchdog now requires crypto firms to answer 400 questions whenever they screen applicants for regulatory licenses. They also obligate the applicants to record the minutes of their discussions in order for the agency to know how they plan for the security of their digital coins.
Once Japan’s FSA found some major or even minor problems with the internal and external system of the applicants, the chance to apply for crypto licenses will be delayed and denied.
Interestingly, the stricter implementations of FSA corresponds to more companies applying for crypto licenses. With the right amount of regulation from the government, crypto firms continues to demand on being part of these crypto hype, even the market strives.
An Interesting First Days Of 2019
It is indeed an interesting first days of 2019 for Japan. Not just for their faithful crypto enthuasists but for the relationship that blossoms between crypto and Japan.