Japan and Portugal approve cryptocurrency exchanges

Jun 26, 2021 0 comments

Japan and Portugal have recently announced the approval of new cryptocurrency exchanges in their respective jurisdictions.

Portugal approved two crypto exchanges so far while Japan has allowed the operation of the now Nasdaq-listed Coinbase within its territory.

As for the Asian nation’s case, after its Financial Services Agency gave the go signal for the conduct of its business there, Coinbase — which currently hosts bitcoin, ethereum, bitcoin cash, litecoin and steller luman for trading — brings its services to the Japanese people.

Years in the making for Coinbase

As it turns out, the idea of Coinbase bringing its services to the Asian nation is already years in the making.

Even before its public listing just last April, Coinbase has been trying to get approval for its Japan operations since 2018.

It has exerted a lot of effort for this matter, working hand-in-hand with the FSA to ensure they can comply with all the laws, in hopes of boosting their chances of being approved.

In 2018, Coinbase managed to join the Japan Virtual and Crypto Exchange Association (JVCEA) as a second-class member. With the approval from the financial regulator, the exchange’s membership is not upgraded to first class.

Portugal approves two exchanges

Banco de Portugal, the nation’s central bank, now approved Mind the Coin and Criptoloja to function as cryptocurrency exchanges on its territory.

The Lisbon-based Criptoloja is the first 100% Portuguese company that allows users to purchase and sell bitcoin and other cryptocurrencies. Mind the Coin, on the other hand, will be providing trading options for bitcoin, litecoin and monero (XMR).

Meanwhile, as the institution handling the registration of Virtual Asset Service Providers, Bando de Portugal also bears the responsibility to make sure that these providers are in compliance with the laws related to money laundering and terrorist financing.

Sourced from bitcoinerx.com.

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