Cryptocurrency exchange license in japan
Japan has a special method that allows you to regulate the turnover of crypto assets. This method implies taking into account the high risk of such operations. At the same time, crypto assets are not money. It is also impossible to recognize them as some kind of fiat currency that exists today.
How is a cryptocurrency exchange license registered in Japan?
To obtain a license that allows you to exchange cryptocurrency in Japan, you must have a specialized company registered in the Kabushiki Kaisha format. In addition, in order to register, the applicant must:
- have a positive balance sheet, net assets;
- have a capital of at least 10,000,000 yen;
- to have a firm, the work of which complies with all the laws of the country;
- to think in advance about the development of a satisfactory corporate structure;
- train their employees, following the requirements and regulations of the state where they operate;
- maintain proper accounting.
A company that wants to issue a license develops and implements certain measures in advance to counteract data leakage. For this purpose, a special IT-system is being developed. Members of this organization receive data that relates to the legally uncertain status of electronic coins.
In Japan, mandatory requirements are put forward for users of cryptocurrencies, for example, how to store fiat currency separately, deposit finance. If the firm and its clients manage the cryptocurrency, then they are clearly separated with the possibility of further identification. Users must comply with these rules, which is confirmed by an independent audit, which is carried out every year.
How to get a license to exchange cryptocurrencies in Japan?
To obtain a license, you must meet the following requirements.
- Employees. The company's staff can consist of a minimum of 5 and a maximum of 10 employees. You can choose them thanks to the services offered by recruiting agencies. Such a process is considered reliable, but it requires additional financial investments. There is another method - to use the services of a government agency, where job advertisements are posted for free. A non-resident can become a representative of the company. If he has permission to work in this state, he can become a local director.
- Office. In the state where the work is carried out, there must be an office with a physical address. We also note that the use of a virtual representation is prohibited.
In addition, finance must be deposited into a local bank account. In the absence of an account or for certain reasons, the company refuses to open it, it is allowed to use the resident account, which is issued by the director.