The English arm of the Japanese publication Nikkei reported on December 19th that the Japanese regulator approved the license for Coincheck after its revised fund settlement law. Coincheck being the largest Cryptocurrency exchange in Japan at the time was hacked in January this year for 58 billion yen ($511 million).
Coincheck was forced to halt operations after the hack earlier this year where hackers managed to steal more than half of a Billion Dollars worth of NEM (XEM) tokens. The Tokyo based exchange has remitted its customers all the funds that were lost and has also improved its terms and conditions and other systems.
After getting acquired by Monex group, Coincheck has not only changed its Anti-Money Laundering (AML) measures but also resumed its operations by accepting new account signups.
The FSA has made it mandatory to obtain a license to operate an exchange since April 2017. Over 200 companies are said to be waiting for licenses from the FSA, “The FSA’s decision to grant a license to Coincheck is expected to trigger the resumption of the agency’s approval process” Nikkei Reports.
The FSA also recently published a draft report outlining Cryptocurrency and ICO (Initial Coin Offering) regulations.
This step by the FSA to approve a license to Coincheck might give a good boost to the Cryptocurrency market in Japan.
Image Source: Flickr
Advertisement
Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity
Did you like the news you just read? Please leave a feedback to help us serve you better
Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.
Macro guru and Real Vision CEO Raoul Pal shone the spotlight on a rising layer-1…
As the technology landscape transforms at lightning speed, AI Companions has positioned itself as a…
Did you know that 85% of DeFi value is concentrated in six blockchains? DeFi is…
CLAPART - a groundbreaking RWA platform has launched its much-anticipated $CLP token IDO on Gempad…
Join us at BFC 2024 to explore the future of Web3. Use a special discount…
Catch all the updates with Altcoin Observer, official media partner of WebX Asia 2024. Gear…