Japan’s Rakuten Approved As Crytpo Exchange

Amazon is one of the biggest e-commerce sites in the world but in Japan, Rakuten is the site that people go to for their general items. The Japanese e-commerce site has now officially got its subsidiary cryptocurrency wallet, the Rakuten Wallet, registered and approved by Japan’s Financial Services Agency. This has been confirmed by the company in a recent press release published on 25th March.

The Rakuten Wallet was previously known as “everybody’s Bitcoin” is now fully legitimised and considered to be a digital currency exchange in the eyes of Japanese regulators.

Rakuten acquired the “everybody’s Bitcoin” exchange back in August 2018 for just under $2.5 million. Since then, they have made a series of changes to the exchange’s structure in the interest of having it registered and regulated as a cryptocurrency exchange by the JFSA.

The crypto exchange will officially end its operations at the end of this month and will then be relaunched under the Rakuten Wallet name and operations.

On top of this, the firm stated:

“Rakuten Wallet will contribute to the sound growth of the market as a virtual currency exchange company, and will further enhance security and provide enhanced services so that more customers can use it safely and with confidence.”

As for the details regarding the exchanges future plans, the firm said that they will be revealed at a later date. Considering that the Rakuten Wallet is a subsidiary of the Japanese e-commerce giant Rakuten, it’s believed that the wallet’s exchange services will eventually be integrated into the e-commerce platform.

Japan is coming up to be a pretty big player in the cryptocurrency space as its regulatory environment has improved quite significantly. As reported by Invest in Blockchain, “standards are being set by the JFSA to prevent things like the half-billion-dollar hack of the Japanese platform Coincheck from happening, as well as other wrongdoings in the crypto space.”

The Japanese government recently made a few changes to two acts, the Financial Instruments and Exchange Act and the fund Settlement Act. These amendments will establish cryptocurrency as a cryptographic asset which is mainly done for legal reasons as it will strengthen the law for the future of Japan’s digital economy as it now accommodates virtual currencies.

The crypto industry in Japan seems to be improving and growing all the time, especially during this crypto winter.