Japan approved 11 new cryptocurrency exchanges

Tokyo gave official approval to 11 new cryptocurrency exchanges. Japan's Financial Services Agency (FSA) said Friday it has approved 11 companies as a new operator of cryptocurrency exchange as a strategic move to build a virtual money ecosystem stronger after being rejected in China.

Tinuku Japan approved 11 new cryptocurrency exchanges

The Japanese government acknowledged bitcoin as a legal tender in April and required the exchange of cryptocurrency operators to register officially. The move aims to avoid a repeat of failure in 2014 at Tokyo-based Mt Gox as the largest bitcoin market in the world at the time.

The financial regulatory body sets various requirements, including building robust computer systems, segregating customer accounts and checking customer identities. The policy is to address the key issues related to cryptocurrency about money laundering.

Bitcoin and crypto have been increasingly in demand among investors in Japan and one of the largest bitcoin trading centers in the world where China as the largest bitcoin user has left the country. Japanese officials this month also said they would support an initial coin offering (ICO).