These are challenging times for many businesses, yet the OK Group is undeterred. OKCoin completed its registration to launch a cryptocurrency exchange in Japan today – the first global exchange to earn a license in the country.
OKCoin to Launch New Exchange in Japan
According to an official release, OKCoin Japan Co. Ltd. headquartered in Tokyo completed the registration process to launch its virtual currency exchange business.
As a Japanese subsidiary of OK Group, the company states that it has prepared itself to be in a position to fully comply with the crypto-related law Payment Service Act, the administrative guidelines and the self-regulatory rules, issued by the Japanese Financial Services Agency (FSA) and the Japan Virtual Currency Exchange Association (JVCEA) respectively.
However, there are more boxes to check when it comes to gaining a foothold in Japan. Now, OKCoin has at last completed the lengthy process of building in the additional safety measures required to protect users. These include an operating system to use services safely and segregation management of user property and information. John Feng, CEO of OKCoin Japan told Bitcoinist:
The license granted today despite the serious coronavirus situation in Tokyo was a pat on the back for us. It shows not only the regulator’s commitment to the crypto industry but also its strong support to OKCoin Japan. This is the first license issued this year–and the first ever to a global crypto exchange that obtained it through the regular application process.
The Expansion of OK Group
OK Group has been around for a lot longer than many people realize with subsidiaries operating under different names in different regions including but not limited to China, the U.S., Europe, the Philippines, and Malaysia ever since 2013. Today, this extends to Japan and the blockchain company employs a staff of over 1,000 globally.
According to the statement:
In addition to operating a virtual currency exchange, we are working on the development and commercialization of blockchain technology in collaboration with leading local partners in overseas expansion. By exploring cutting-edge technologies with the ideals of the blockchain, we realize technological innovation and industrial restructuring and actively contribute to the development of the industry.
It seems that OK Group has greater plans for Japan than merely launching a cryptocurrency exchange here. It will also be looking to target institutional traders and “specific services and schedules” that have yet to be announced.
Before the exchange opens its doors, interested users can pre-register by visiting this sign up link to create an account. As a fully regulated and compliant exchange in Japan, OKCoin Japan will support the Japanese Yen and deal with major crypto assets including BTC, ETH, ETC, LTC, and BCH.
The news comes hot on the heels of OKEx proposed plans to expand into Russia. Crypto may look a little uncertain right now, but OK Group is proving Binance isn’t the only company with plans on global domination.
OK Group has always been committed to full compliance with local laws and regulations while we expand globally, and we finally earned recognition and trust from the Japanese regulator today. Going forward, we will work together with our Japanese colleagues and partners on our continuing mission to promote the Blockchain technology globally.
What do you make of OK Group’s expansion into Japan? Add your thoughts below!
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