OKCoin, the giant crypto exchange, has successfully received approval to commence its services in Japan. OKCoin is the first exchange to secure the license without the support of any businesses.
Japan is a dominant market in the cryptocurrency space. The country is one of the initial blockchain adopters and the OKCoin initiative will help adoption grow even more.
OKCoin Plans to Offers Additional Services
The Japanese regulatory bodies, FSA (The Japanese Financial Services Agency) and JVCEA (The Japanese Virtual Currency Exchange Association) have defined substantial measures to regulate the crypto space. To fully comply with the crypto Service Act, OKCoin has operated jointly with its peers.
OKCoin Japan CEO, John Feng, said:
“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.”
OKCoin has always intended to provide the world with a blockchain-based solution. To accomplish its goals, the group offers various services and has been supporting the adoption of cryptos for the longest time now.
Introducing the exchange is the initial step of the OK Group as it appears OK has designed more comprehensive plans for Japan in the future. In the upcoming days, It also intends to introduce services for institutional traders. However, that announcement has yet to be made official.