Japan's leading financial regulator, the Financial Services Agency (FSA), has officially approved e-commerce giant Rakuten Group to restart its cryptocurrency exchange operations. This move marks a significant step in Japan's regulated crypto market expansion.
Rakuten Wallet: The New Licensed Exchange Platform
The FSA announced on Monday that Rakuten Wallet—the company's fully-owned subsidiary—has successfully registered with the Kanto Local Finance Bureau as a virtual currency exchange service provider under the Payment Services Act.
Key developments:
- Rebranded from "Everybody's Bitcoin Inc." (acquired August 2018 for $2.4 million)
- Legacy services will sunset by end of March 2024
- New user registrations open starting April 2024
Regulatory Journey
- 2017: Everybody's Bitcoin applied for initial licensing
- Spring 2023: Received business improvement orders from Kanto authorities
- 2024: Completed system upgrades and management restructuring to secure full approval
Japan's Expanding Crypto Exchange Landscape
With this approval, Japan now hosts 19 licensed cryptocurrency exchanges. Recent additions include:
DeCurret Exchange
- Launching spot trading for 4 cryptocurrencies from April 16
- Backed by major firms like MUFG Bank and Nomura Holdings
Coincheck
- Received January 2024 license post-2018 $530M hack recovery
- Demonstrates Japan's commitment to regulated market rehabilitation
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FAQs: Japan's Crypto Exchange Approvals
Q: What makes Rakuten's entry significant?
A: As a Japanese e-commerce leader, Rakuten brings mainstream credibility to regulated crypto services.
Q: How does Japan's approval process work?
A: Exchanges must demonstrate compliance with anti-money laundering (AML) protocols, cybersecurity standards, and financial reporting requirements.
Q: Which cryptocurrencies will Rakuten Wallet support?
A: Initial reports indicate BTC dominance, with potential expansions mirroring its acquired platform's legacy offerings.
Q: How does this impact Japan's crypto economy?
A: Licensed exchanges increase consumer protection while legitimizing digital asset adoption among traditional investors.
Q: What are the next steps for approved exchanges?
A: Focus shifts to operational security audits and user education programs per FSA guidelines.
Market analysts highlight Japan's balanced approach—fostering innovation through strict compliance frameworks. This positions the country as a model for emerging crypto economies.
👉 Learn about Asia's leading regulated exchanges
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