Coincheck’s Cryptocurrency Exchange License Approved by Japan’s FSA: Report

Japan’s Financial Services Agency (FSA) has reportedly approved the Cryptocurrency exchange license for the previously hacked exchange Coincheck.

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.

Blockmanity’s Take

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

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