Share this article
110 Crypto Exchanges Are Reportedly Trying to Get Licensed in Japan
In 2019 the Financial Services Agency has approved 3 new exchanges, following a year without any new openings.
By Daniel Kuhn
Updated Sep 13, 2021, 9:25 a.m. Published Jul 11, 2019, 8:00 p.m.
Make us preferred on Google
Japan’s interminable winter for cryptocurrency exchanges seems to have thawed.
The Financial Services Agency (FSA), Japan’s top financial watchdog, told crypto news site Bitcoin.com that 110 exchanges are in “various stages of registration.”
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
In 2018, the FSA, did not grant approval for any crypto exchanges to begin operating in the country. The year prior, the agency had approved 16 new exchanges.
Additionally, in 2018 the FSA began issuing “improvement orders” to preempt potential cases of fraud or KYC noncompliance and started conducting on-site inspections.
“BitFlyer, amongst other top exchanges in Japan, received the improvement order based on a changing regulatory climate in Japan,” a bitFlyer representative said. The company voluntarily stopped opening domestic customer accounts for those looking to join the platform, as it worked to meet the FSA’s stricter identification requirements.
Now it appears the climate is changing again.
On July 3, bitFlyer announced it would resume processing new accounts. Additionally, according to Bitcoin.com, in the first six months of 2019, the FSA has granted approval to 3 additional crypto exchanges, bringing the total amount of operators to 19.
While details for the majority of applications for new crypto exchanges are scant, Bitcoin.com reports many are in a preliminary stage.
If approved, these exchanges will need to comply with newly introduced obligations in the Payments Services Act and Financial Instruments and Exchange Act, enacted by the Japanese legislature on March 31 to take effect in April, 2020.
The acts introduce expensive licensing fees as well as extensive protocols for data protection, customer on-boarding, and custodial safeguarding.
FSA image via Shutterstock
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Gold tops $5,000 as bitcoin stalls near $87,000 in widening macro-crypto split: Asia Morning Briefing
Bitcoin’s onchain data points to supply overhang and weak participation, while gold’s breakout is priced by markets as a durable macro regime shift.
What to know:
- Gold’s surge above $5,000 an ounce is increasingly seen as a durable regime shift, with investors treating the metal as a persistent hedge against geopolitical risk, central bank demand and a weaker dollar.
- Bitcoin is stuck near $87,000 in a low-conviction market, as on-chain data show older holders selling into rallies, newer buyers absorbing losses and a heavy supply overhang capping moves toward $100,000.
- Derivatives and prediction markets point to continued consolidation in bitcoin and sustained strength in gold, with thin futures volumes, subdued leverage and weak demand for higher-beta crypto assets like ether reinforcing the cautious tone.
Top Stories
