Japan and Portugal announce the approval of new cryptocurrency exchanges in their countries.
Portugal has approved two exchanges so far, while Japan has allowed Coinbase to operate in the country.
Japan approves Coinbase
Coinbase may finally begin operating in Japan, as the country’s top financial regulator has approved the organization within the nation.
As of this approval, Coinbase hosts five cryptocurrencies to trade. These include Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC), and Steller Luman (XLM).
The Financial Services Agency (FSA) is the organization that approved Coinbase’s new Japanese subsidiary under the new Fund Liquidation Law.
Coinbase has been trying to get Japanese approval since 2018. In order for them to ensure compliance with all laws, the process involved the company working hand in hand with the FSA.
As early as 2018, Coinbase joined the Japan Virtual and Crypto Exchange Association (JVCEA) as a second-class member. Now that they have obtained FSA approval, their membership has risen to first class.
Portugal approves two cryptocurrency exchanges
The Bank of Portugal, the country’s central bank, allows Mind the Coin and Criptoloja to function as cryptocurrency exchanges.
Criptoloja is the first 100% Portuguese company that allows users to buy or sell Bitcoin and other cryptocurrencies. The organization is located in Lisbon, the capital of the country.
Mind the Coin will offer trading options for Bitcoin, Litecoin, and Monero (XMR).
The central bank handles the registration of Virtual Asset Service Providers (VASPs) and ensures that they comply with laws related to money laundering and terrorist financing.
The supervision of Banco de Portugal with respect to virtual asset service providers, as determined by Law No. 83/2017 of August 18, 2017, is limited to AML / CFT purposes, and does not extend to other areas of a prudential nature, market conduct or of any other nature.
By virtue of this, all companies that intend to register as cryptocurrency exchanges must obtain their approval. Likewise, organizations that provide cryptocurrency transfer and wallet services must also register under it.