The growth of Bitcoin in Japan is bound to explode with almost 200 blockchain companies awaiting Crypto licenses

The cryptocurrency space in Japan continues to grow amid a strict regulatory environment created by the Japanese authorities.

In general, Japan It has always been a country open to digital currencies, but after some problems in the country that hit the space, the nation's regulatory agency has imposed stricter rules.

The Japanese Financial Services Authority (FSA) has issued licenses for cryptographic companies to operate in the country. The decision was made after one of the biggest hacks experienced by the cryptic market. Coincheck's cryptocurrency exchange was attacked for $ 540 million at the start of 2018. Zaif, another encrypted exchange, also had some problems during 2018.

During 2018, Bitcoin (BTC) entered a bear market affected the entire industry. By the end of 2017, every BTC was worth nearly $ 20,000 while a month ago it was trading around $ 3,200.

Although the cryptography market has changed from what it was in 2017, the interest in digital resources and blockchain technology does not seem to die. In fact, there are 200 different companies trying to get regulatory approval from the FSA. Some of the companies that are trying to receive this approval are MUFJ Bank or the popular line of messaging applications.

A popular society that has also included the Japanese market but it is also waiting to receive regulatory approval is Coinbase. Although he has opened an office in Japan, he still does not offer services in the country.

Despite the fact that there are still some 200 companies waiting for FSA approval, it seems that the regulator is trying to introduce new rules and regulations. This is according to a Japan Times report. Apparently, the intention is to control those ads that promote cryptocurrencies to get rich in an easy way. At the same time, exchanges will also have to implement more stringent know-your-customer (KYC) procedures to continue operating.

Companies want regulations and Japan he is giving it to them. Even with a bear market and a huge effort by the authorities in the country to control this expansion in the encrypted market, companies are still ready to enter the space and continue operating in Japan.

It is important to remember that Japan has one of the largest crypts communities in the world and the Yen (JPY) became the most used fiat currency to buy Bitcoin.