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According to a new analysis of the review process of the Japanese financial agency of companies requiring a cryptocurrency exchange license, seven applications will be approved or rejected within two months. Cointelegraph Japan reported this development on 12 January.
The new information about the review process offered by the Financial Services Agency (FSA) revealed that it is a long procedure that takes almost six months from the time of application – which includes submitting answers to over 400 applications – to official decline or approval.
According to the FSA explanation, after receiving the answers, the agency communicates with the company to verify its business plan, governance, IT security, management system, anti-money laundering (AML) and counter-terrorism financing. At this stage of the review, agency officials will personally verify the company's practices.
After this first phase – which is reportedly lasting around four months – the company officially presents its application to the FSA. At this point, the agency checks the application and decides whether or not to issue the license within two months.
The FSA has stated that there are 21 companies taking part in the first part of the review and seven are already in the decision making phase. It is possible to extrapolate from these data that up to seven companies could get a new license by summer.
As Cointelegraph recently reported, the FSA has denied taking into consideration the possibility of granting exchange-traded funds with Bitcoin (BTC) (ETF), a piece of news recently suggested by Bloomberg's main financial publication.
The FSA is also assessing the regulation of unregistered companies urging investments in cryptocurrencies, as reported by Cointelegraph on January 8th.
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