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wilslaw

Two crypto-exchanges in Japan set to launch in Spring

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Two crypto exchanges will be open for business in Japan in months to come, which could be a big boost for the Japanese crypto industry.

 

An announcement on its website revealed that Taotao (a Japan-based crypto exchange) which is partly owned by Yahoo! Japan, will be open to applicants that are more than 20 years of age. Those that qualify can pre-register and start creating their accounts from 25th of March to 17th of April; the initial trading period on the Taotao exchange will commence in mid-May through to July 1st 2019.

 

Taotao is not the only Japanese exchange opening for business in the near future. According to a March 25 press release, Rakuten (a Japanese online retailer) will launch its own virtual currency exchange platform in April.

 

Rakuten first introduced an exchange platform in March 2017 under the name "Everybody's Bitcoin." However, with the order from Japanese financial regulators in April last year, the exchange had no choice but to shut down and revamp its management methods, bookkeeping procedures, and investor protection protocols.  

 

March this year, the online retailer changed the name of its exchange platform to Rakuten Wallet Co. Ltd. The company believes that "Rakuten Wallet will contribute to the sound growth of the market as a virtual currency exchange company, and will further enhance security and provide enhanced services so that more customers can use it safely and with confidence."

 

Over the years, Japanese-based crypto exchange platforms have been compromised and scrutinized. Last year April, two different exchange platforms were ordered by Japan's Financial Services Agency (FSA) to cease operations for at least two months over concerns of investor protection. In June 2018, Japan's FSA ordered the FSHO exchange to halt operations after the platform failed to adhere to the regulator's standards. And in October 2018, hacked Japanese exchange Zaif was forced to allow Fisco Digital Asset Group to take over its operations.

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