Japanese Financial Services Agency has approved four more cryptocurrency exchanges to operate in Japan in addition to the 11 approved in September.
The new exchanges approved are Tokyo Bitcoin Exchange Co. Ltd, Bit Arg Exchange Tokyo Co. Ltd, FTT Corporation, and Xtheta Corporation according to the agency’s website.
The approval follows the fund settlement law, which also legalizes Bitcoin as a method of payment in Japan. Thus, came into effect on April. However, all exchanges require to register with the FSA.
However, three are approved to trade Bitcoin but Xtheta Corporation has been approved to trade additional cryptocurrencies namely Ether (ETH), Bitcoin Cash (BCH), Ripple (XRP), Litecoin (LTC), Ethereum classic (ETC), NEM (XEM), Monacoin (MONA), and counterparty tokens (XCP).
The agency is also reviewing more applications, reportedly, 17 companies. Although previous reports indicate they had received applications from 50 Bitcoin exchanges. 12 more companies failed to achieve the requirements and closed down their exchange operations.
Also Read: BitFlyer the Japanese Bitcoin exchange enters US market
Coincheck, Japan’s second largest Bitcoin exchange. It is one of the exchanges currently under review. Since it issued a statement Friday saying they applied on September 13. However it will continue providing the services.
The agency said it will be monitoring the exchanges and has started with the 11 approved in September. It said it would do so to protect users and verify that appropriate explanation or information for users was in place.
“We will strive to balance the monitoring and development of the rapidly expanding virtual currency market including the response to ICOs (Initial Coin Offerings) which raise funds using the mechanism of virtual currency”.