Home Uncategorized Japan FSA Grants Coincheck a Crypto Exchange License

Japan FSA Grants Coincheck a Crypto Exchange License

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Japanese crypto exchange, Coincheck, has announced that it has been granted a cryptocurrency exchange license by the Financial Services Agency [FSA].

In a statement, the exchange’s operator indicated that beginning today January 11, 2019, it is now registered as a cryptocurrency exchange agency with the Kanto Financial Bureau, the overseeing regulator.

The step is a milestone for the exchange and for online broker Monex Group, which bought Coincheck for a nominal $33.5 million in April.

“With the registration as a cryptocurrency exchange agency serving as a milestone, Coincheck strives to continue offering reliable services for our current and prospective customers in a safe and stable manner. Coincheck is also committed to further strengthening security and enhancing usability,” added the press release.

Coincheck hack which happened in January saw attackers take off with $500 million worth of NEM tokens from the exchange.

This hack has added more stringent regulations for the Japanese crypto exchanges. In the wake of the Coincheck hack, Japan’s Financial services agency [FSA] decided to execute more stringent regulations for new applications from exchanges seeking an operating license.

To get to this stage, the exchange has had to overhaul its business and this has included bringing on board new owners. In April last year, the cryptocurrency exchange accepted a takeover bid from Japanese online brokerage Monex. The takeover bid saw Monex acquire the entire firm at a price of $33.5 million:

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