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Japan shows strong interest from crypto exchanges

As bitcoin is still caught between two opposite price directions, interest in the crypto space comes out of Japan in the form of crypto exchanges.

The scene in Japan

Over the last 12 months, Japan has seen interest from over 140 different exchange players looking to set up shop in the crypto space, according to statements received from the Japanese Financial Services Agency (FSA).

The FSA stated to the outlet that it has received documents from 23 different parties. Of the 23, “seven entities are under the main evaluation process as of this March,” the FSA told Bitcoin.com.

The regulating body notably has approved two of the mentioned seven exchanges: Rakuten Wallet (formerly Everybody’s Bitcoin Inc), and Decurret. Including the additional two, Japan currently touts “19 approved crypto exchanges,” news.bitcoin.com added.

The process reportedly takes significant time, as the FSA told the outlet, “[I]t took us about six months to complete the required procedure from the main valuation process to the registration as crypto-asset broker dealer.”

Vietnam exchange

Vietnam also is reportedly looking to set up its “first authorized cryptocurrency exchange,” according to a March 22 press release.

Vietnam’s most sizeable distribution company, Linh Thanh Group, penned an agreement with Switzerland’s KRONN Ventures AG blockchain business “for the production of cryptocurrency and the establishment of cryptocurrency exchange in Vietnam,” the press release said.

Interest still exists

The news from Japan shows the crypto space is still seeing new interest and approvals coming in, even after a difficult 2018.

Another commonly referenced indicator for public interest in crypto comes in the form of Google trends data. Although numbers from Google Trends for bitcoin currently are seeing lows, businesses and companies are still building in the background.

Image Courtesy: Google Trends

Binance, with its Launchpad activities, has sparked significant interest in crypto token offerings again. Jack Dorsey announced a search to hire several bitcoin developers. Coinbase has continued to list new assets. Additionally, Facebook reportedly has plans for a crypto asset.

U.S. Securities and Exchange Commission (SEC) chairman Jay Clayton also listed several initiatives the agency is working on regarding the crypto space in a letter of clarity on Ethereum, sent to Coin Center.

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BJ is a full time writer, editor, and trader in the cryptocurrency space. He has written many professional articles for numerous ICOs, news sites, and other interested parties in the crypto space. He is also a trader, staying up to date with the crypto markets constantly, and dabbling in traditional financial market trading occasionally.