The cryptocurrency exchange OKCoin intends to release a new cryptocurrency exchange in Japan and was seeking a license from the country. Now after completing its registration process, the global exchange has received the license from the country as OKCoin Japan announced it in an official blog post.
The company says that it is a Japanese subsidiary of OK Group and claims that it is ready to comply with the laws and regulations related to the “fund settlement, administrative guidelines published by the Financial Services Agency, and the rules set by the Japan Virtual Currency Exchange Association.”
Furthermore, the company will also maintain security and operation systems and to protect users, it will use safety measures such as ‘segregation management of user property and user information management.’
The First-ever license issued to a global exchange in Japan
It was the first license that was issued to the OKCoin exchange this year. After receiving the license from the regulators, the cryptocurrency exchange OKCoin has become the first global exchange to earn a regulatory license in Japan.
The CEO of OKCoin Japan John Feng says that the license granted to them today shows that the country’s regulators are committed to the crypto industry and also shows the support of regulators for the OKCoin Japan exchange. According to John Feng:
“The license granted today despite the serious coronavirus situation in Tokyo was a pat on the back for us. It shows not only the regulator’s commitment to the crypto industry but also its strong support to OKCoin Japan. This is the first license issued this year–and the first ever to a global crypto exchange that obtained it through the regular application process.”
In addition to this, the crypto exchange also aims to expand OK Group overseas. For this purpose, the company is working on the development and commercialization of blockchain technology with the collaboration of some of the local partners.
Currently, the whole world is in a critical situation due to the Coronavirus pandemic. But despite this, the crypto exchange OKCoin is not discouraged and is moving ahead to release this new crypto exchange in Japan.