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OKCoin has received a license to work in Japan and will soon launch its exchange service for individuals and businesses in the country.
OKCoin, the premier cryptocurrency trading exchange, has secured a license to begin operations in Japan.
While this may not sound like a big deal, there are many reasons to consider this as one of the major events in the cryptocurrency community for 2020.
OKCoin Opens Its Operating Unit in Japan
Its Tokyo unit OKCoin Japan obtained the license without recourse to either partnerships or synergy. This is the first of its kind in the country. Going solo, OKCoin has achieved a “plus-one” in the eyes of many within the crypto space in Japan.
The move will also open strategic doors for the crypto space as adoption becomes easier with a standalone exchange.
Japan is a strategic market for the crypto space. It was one of the earliest adopters of the technology. The Japanese Financial Services Agency (FSA) has been one of the regulatory bodies that have subscribed to tight compliance measures. OKCoin has worked closely with the FSA to comply with such standards.
The Japanese Virtual Currency Exchange Association (JVCEA) is a self-regulating body for the crypto space in Japan. It has so far defined standards that its members must abide by.
OkCoin has also worked with its peers in the industry by participating within the framework of the JVCEA. The JVCEA is known to be one of the world’s premier virtual currency associations.
About OK Group
Founded in 2013, OK Group is a pioneering financial technology company. With an over 1,000 count human resource talent pool. OK Group has always aimed at providing solutions to problems using the blockchain technology and cryptocurrencies.
The group provides several services to achieve this. Their cryptocurrency exchange services are part of a bigger effort to encourage the adoption of cryptocurrencies.
OK Group is also into the development of blockchain solutions for strategic partners. These partners also enable the company to achieve its vision of the broad adoption of decentralized ledger technologies (DLT).
OKCoin Japan is a sub-unit of OK Group. The unicorn startup has been involved with the Japanese cryptocurrency community.
Founded in September 2017, OKCoin Japan has worked hard to provide a basis for the stability of the Japanese Cryptocurrency community. It has developed the right human, legal, technological, business and strategic frameworks for the successful operations of its new cryptocurrency exchange.
Sources say that the approval from the Japanese authorities is a big win for OKCoin Japan. In an era where linkages, partnerships, and collaboration are the order of the day, OKCoin Japan decided to go it alone.
OKCoin Japan Did It Alone
Huobi‘s acquisition of a Japanese cryptocurrency company is one such example. Sources say that the cryptocurrency exchange is involved in a $50 million deal.
For OKCoin Japan, the approval process for the license will only cost $10 million. As such, it has $40 million reasons to go it alone using internal resources.
As an independent financial institution, this will serve them well as they will face many hurdles down the road in achieving their dream of broad adoption. This independence is indeed proof-of-concept that the global crypto-space is coming of age.