Japan is rapidly introducing cryptocurrencies - Bitcoin and Ethereum. More and more people choose cryptocurrency exchanges rather than banks to preserve and increase their capital. Also in JapaThere was even information, that some companies offer salaries in bitcoins. By the way, behind the data of the revised law on payment services, Bitcoin is a legal tender in Japan.
At that time, you can open a cryptocurrency exchange in Japan. The Japanese police are closely monitoring violations on these platforms. At the legislative level, exchanges are required to report suspicious activities, that may be related to money laundering. The police analyze these cases, which helps in the capture of criminals. For example, according to reports from cryptocurrency exchanges, where 170 cases of potential money laundering using cryptocurrencies were noted, the investigation showed, that in more than 20% of cases the fault lies with gangster groups in Japan.
A crypto activity in Japan
A state regulation of cryptocurrency exchanges makes it possible to register/develop a cryptocurrency business without problems. The state supports and helps to develop ICOs for companies and cryptocurrency exchanges. And therefore, it can be considered quite an interesting jurisdiction to register a cryptocurrency exchange in Japan.
To open a cryptocurrency exchange in Japan, you will need:
- To register a JSC company in Japan (Kabushiki Kaisha).
- To set up an enterprise in Japan with this type of activity is possible with the authorized capital of 10 million JPY - approximately 88,000 USD.
- It is necessary to register a business in Japan with an appropriate corporate structure.
- Company actions must comply with legal requirements.
- The Japanese registered cryptocurrency exchange must have a well-developed IT system, in which a potential leakage of personal information is unacceptable.
- The Bitcoin Exchange in Japan should provide users with a complete information about any changes in the status of the cryptocurrency.
- The Japanese Bitcoin Exchange must inform the user of all movements in his account.
- It must have internal rules for company employees, conduct training for staff.
- To comply with KYC and AML.
- Funds of users of the exchange in fiat currencies must be stored in separate bank deposits or trusts, they must be separated from the funds of the company.
- Cryptocurrency funds of users should be separated from the cryptocurrency funds of the company.
- The separation of funds should be checked with the help of an independent auditor at least once a year.
- The Bitcoin Exchange company in Japan must keep records.
- The company should employ local residents - from 5 to 10 people.
- The company must have a real office (not virtual).
- The statutory fund must be placed in a bank account in Japan. If you do not have such an account, you can place it on the account of the local director.
Order professional support services in opening a cryptocurrency exchange in Japan from YB Case advisors. We will provide qualified advice on how to register a crypto company in Japan and to open a bank account with a Japanese bank.