Japanese regulators have approved DeCurret to begin operations for its cryptocurrency exchange next month. DeCurret will be launching along with Rakuten Wallet, the virtual currency exchange by Japanese e-commerce firm Rakuten.
As the Japanese crypto market gets crowded, there is no shortage of demand. According to the Financial Services Agency (FSA), over 140 entities have approached them to launch an exchange. Of those, 23 have submitted documentation to initiate the process.
Japan is an important market for crypto companies, and the regulator has provided firms with clear regulations. Early this year, even Huobi received a license to operate in the country. After the CoinCheck hack last year, the FSA has been cautious in giving out licenses. Rakuten and DeCurret represent the only two to have gained formal registration and approval from regulators to launch.