Kanto Local Finance Bureau names OKCoin Japan a virtual currency exchange service provider

Tuesday 31 March 2020 11:26 CET | News

OKCoin has completed its registration with the Kanto Local Finance Bureau as a virtual currency exchange service provider based on Japan’s Payment Services Act for its OKCoin Japan K.K. entity. 

This means that traders will soon be able to deposit and withdraw Japanese yen for Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Ethereum Classic. The Japanese yen will join the US dollar, euro, and the Singapore dollar in OKCoin’s acceptance of fiat currencies. 

OKCoin Japan is the Japanese subsidiary of OK Group, and it has focused on building a comprehensive framework of business operation and internal governance to ensure its compliance with the Payment Services Act and related regulations, business guidelines issued by the Japanese financial regulator Financial Services Agency (FSA), and self-regulatory rules promulgated by the Japan Virtual Currency Exchange Association (JVCEA). 

The company has developed and implemented proprietary AML/CFT technologies, such as automated transaction filtering and monitoring systems, as part of its effort to combat illicit activities in the crypto industry. 

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Keywords: OKCoin, Japan, virtual currency, exchange, Kanto Local Finance Bureau, Fiat, cryptocurrency, Digital Asset, regulations, AML, transactions , Bitcoin, Ethereum, Litecoin
Categories: DeFi & Crypto & Web3
Countries: Japan
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DeFi & Crypto & Web3

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