Japanese crypto startup FXCoin has announced the completion of a third-party allotment of shares with financial services group SBI Holdings, as the startup aims to launch a crypto exchange business in the country.
FXCoin, founded in December 2017 by former Deutsche Bank head of sales Tomoo Onishi, is currently focused on providing market data for investors.
As reported by Cointelegraph, the startup in February sealed second-tier membership within the Japan Virtual Currency Exchange Association (JVCEA). This tier is intended for businesses looking to apply for an official crypto exchange operating license from Japan’s financial regulator, the Financial Services Agency (FSA).
JVCEA is a crypto exchange association that was established in March 2018 and granted self-regulatory status by the FSA in October of the same year, as part of efforts to set industry-wide safety standards for investors.
Since an April 2017 amendment to Japan’s Payment Services Act, operating licenses have been mandatory for all crypto exchanges in the country. The FSA also imposed more stringent requirements for applicants throughout 2018, following a massive US$532 million hack of the Coincheck crypto exchange in January of that year.
In recent years, SBI Holdings has pursued multiple crypto sector ventures, including its own Vctrade exchange, along with a series of investments in businesses developing crypto services and infrastructure.
In October of last year, SBI and Ripple’s XRP-powered app, MoneyTap, went live for account holders at select Japanese banks, with the eventual ambition of forming a consortium of 61 institutions. The grouping would represent more than 80% of all Japanese banking assets. As of late March, 13 local banks have joined the project as shareholders.
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