The Japanese yen has become the most traded national currency in the Bitcoin-to-fiat market, surpassing the US dollar. According to Coingills, the yen currently holds 48.34% of the market, and the US dollar 43.77%. The third and fourth most traded currencies were the Korean won with 6.08% and the euro with 1.07%.
In September 2017, China banned the operation of cryptocurrency exchangers, thereby losing its dominant position as the largest operator of cryptocurrency exchanges. At that time, Japan was gaining momentum, however, several major hacks of exchangers slowed down its development. In order to improve the infrastructure and security of cryptocurrency exchanges, the Japan Financial Services Agency (FSA) has published a new list of regulatory rules.
After the Coincheck exchange meets all the standards and requirements of the agency, FSA will issue a license to operate the exchanger. The FSA will carefully examine an organization's business plans, measures taken to combat hacking, and the effectiveness of other protection measures.
In addition, exchangers submitting license application will be required to complete a questionnaire consisting of 400 questions.
According to www.thepaypers.com
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