Almost 200 companies are ready to enter the Japanese cryptography market
There are more than 190 companies that are trying to get into the Japanese cryptocurrency market. The information was released by the main financial authority of Japan, the Financial Services Agency (FSA).
According to news.Bitcoin.com, the FSA he said that there are more than 190 operators who have expressed their intention to enter Japanese cryptographic market. In the last few months, more than 30 companies have requested the necessary authorizations to start operating in the market.
Some of these companies are Drecom Co. Ltd., Yamane Medical Corp., or Yahoo! Japan, among others. Currently, there are 16 registered cryptocurrant bags operating in Japan. The country has imposed very strict rules for companies to operate in its market.
During 2018, several exchanges in the country like Coincheck and Zaif they have been violated, leaving thousands of users without their funds. However, Coincheck he was able to return funds to users later in the year. Zaif it was purchased from another regulated stock exchange known as the Exchange of Cryptocurrency Fisco. Furthermore, Coincheck was acquired by Monex Group even after the hack.
DMM.com announced a few days ago that it will not launch its Cointap app. Although the company has started accepting registrations from interested users who wanted to use the service, the e-commerce giant has informed that even when they will not start the Cointap app, they will continue to offer cryptocurrency trading services through Bitcoin DMM.
Moreover, Internet OGM announced Tuesday that it will not develop cryptocurrency mining hardware. The decision was made after a bad year for mining companies in the cryptocurrency space. In fact, several small mining companies had to close their operations after falling prices that hit Bitcoin (BTC) and other virtual currencies in space.
Bitcoin hash rate fell more than 50% from its historical maximum. However, now it seems that it is recovering after a difficulty adjustment in its network.
Japan has imposed strict measures to control the cryptocurrency market. Companies that want to offer services must be registered with the FSA and request permission to operate. There are some companies like Coinbase who are trying to enter the market for a very long time but it is very difficult to do so. The necessary approvals may take longer than expected to be processed.
Although it is difficult for companies to comply with local regulations, this legal system provides clarity in space, protects investors but also allows companies to enter the market and continue to innovate.
A few days ago, the Japanese Yen (JPY) was able to exceed the US dollar as the most used currency for the Bitcoin trade.