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Japanese exchanges have begun to receive formal operating licenses from local regulator the Financial Services Agency (FSA). Major trading platforms QUOINE and bitFlyer were among the first to get the formal certificate of approval.
CEO Mike Kayamori of QUOINE looked pleased and relieved to get the license — certificate number #00002. Certification, he said, meant companies would have to take the business a lot more seriously, operating more like traditional financial institutions.
“There’s all kinds of fiduciary responsibilities — monthly reports, quarterly reports, transaction reports, suspicious activity statements, etc,” he said.
QUOINE has been doing all this since first applying in April, though. “You don’t just start complying after you get your license,” Kayamori added, “The laws took effect on 1st April; they’ve been watching us for the past six months.”
CEO Mike Kayamori of QUOINE looked pleased and relieved to get the license — certificate number #00002. Certification, he said, meant companies would have to take the business a lot more seriously, operating more like traditional financial institutions.
“There’s all kinds of fiduciary responsibilities — monthly reports, quarterly reports, transaction reports, suspicious activity statements, etc,” he said.
QUOINE has been doing all this since first applying in April, though. “You don’t just start complying after you get your license,” Kayamori added, “The laws took effect on 1st April; they’ve been watching us for the past six months.”