KuCoin released the latest announcement on June 29 that it will stop providing virtual currency trading services to Japanese residents. Coincheck, an official blog announced today after the theft of the new coin was taken, announced that it has restarted the official blog after nearly five months. , Then announced in the first article after the restart, will stop the yen, the US dollar cross-border deposit and withdrawal service.
After KuCoin released the announcement, plus the previous Kraken, Huobang, BigONE, four exchanges have announced their withdrawal from the Japanese market in the past three days, and Coincheck has also directly called the overseas remittance service for the yen and the US dollar. This trend is obviously not In general, KuCoin and the fire coins in the announcement also expressed the decision that they were withdrawn due to the 'Japanese law'. Although there is no official document yet, this may be the signal that Japan has once again issued a tightening of market supervision.
The following is the original text of June 28th at 20:56:
In the past two days, Kraken, Firecoin and BigONE announced that they have stopped the virtual currency trading business of Japanese residents, which has caused widespread concern in the market.
With the tightening of cryptocurrency supervision in Japan, fierce market competition, and strict taxation system, it is not easy for major exchanges to obtain a place, so it may prompt the idea that exchanges are quitting.
However, Japan’s stringent policies are mainly aimed at further improving the development of the cryptocurrency market and reducing market risks. Relatively strong domestic and foreign capitals are still optimistic about the future development prospects of this market.
The three exchanges have successively announced that they will stop serving Japanese residents.
Payward Japan, the Japanese subsidiary of Kraken, San Francisco, announced on June 25 that it will stop the virtual currency exchange business of Japanese residents, including all purchases and sales (still withdrawable). Last trading day and transaction closing time July 26, 2018 (23:59 Japan time)
The announcement also mentions that for customers who use the Kraken service in the bankruptcy proceedings of Mt.Gox (Japanese residents only), although the cancellation of the virtual currency exchange business will still be carried out on the basis of the agreement between the court and the bankruptcy trustee.
However, as early as April 17, Kraken issued a notice saying that it would gradually stop service in Japan before June.
According to Coinpost's report on June 27, Huobi Pro announced through e-mail that it would stop providing virtual currency exchange services to Japanese residents. 'Considering the request of the Japanese government, Huobi Pr will suspend the virtual currency exchange service of Japanese customers. From July 2nd. The Japanese page will be removed from the home page. '
As of now, Firecoin has not issued an official announcement on this news on the official website. In addition, Japanese netizens have verified the relevant personnel of the fire currency, and the official members of the fire coins answered 'Please wait for the official documents of the public' on the social network.
Firecoin customer service asked the netizen 'Will the coin withdraw from Japan'? The answer is that 'Huobi plans to stop the virtual currency exchange service, but it will not stop immediately. The time of service interruption is uncertain. For details, we will stop the service before 3 Contact the customer in the month. '
However, when visiting the official website of Huobi in Japan, a disclaimer will pop up.
The statement stated:
1. Firecoin is a company that handles electronic asset transactions through the Internet and telecommunications networks. It complies with national laws and abides by national laws and regulations. It conducts business activities. Huobi Global Limited is incorporated in the Republic of Seychelles under the relevant laws of the Republic of Seychelles. the company.
2. The coin is not registered as a virtual currency exchange according to Japan's "Fiscal knot algorithm." Therefore, we do not conduct virtual currency exchange in Japan.
3, Firefox respects the laws of Japan and does not solicit any opinions from any user (individual or company) residing in Japan.
On June 27th, the BigONE Exchange also announced the suspension of service for Japanese occupants and suspended the registration of Japanese residents. In addition, the Japanese IP address will be prohibited from July 30, 2018 (Chinese time).
Exchanges in Japan have become increasingly difficult to survive
1. Japanese regulation tightens
Nikkei staff writer MASAYUKI YUDA said that the market suspects that strict regulations in Japan are the main reason, and the profit margin of cryptocurrency exchanges is high, but the cost of operating these exchanges in Japan is becoming more and more heavy.
According to the analysis of Hatena Blog, Kraken seems to have some parts that cannot adapt to the standards and management systems required by FSA. At the same time, the transaction volume of Japanese occupants is not much, which also affects its decision to withdraw from the Japanese market.
The Financial Services Agency of Japan continues to tighten its supervision of the country, and the licensing of licenses is also stricter. Japan currently only issued 16 cryptocurrency exchange licenses. In addition, there are 16 quasi-exchanges (applicants have applied for licenses). However, it has not been approved yet, but the days of these quasi-exchanges are not good. Just last week, the Japan Financial Services Agency officially issued a business improvement order for six quasi-cryptocurrency exchanges. (For more details, please click : Shallots look at Japan | Japan's Financial Services Agency penalizes six cryptocurrency exchanges, and Bitcoin falls below $6,400.) In this environment, Japan's domestic funds may flow overseas to seek relatively free development.
Paying Japan is considered to have high performance in the operation and management of exchanges. Scallion also learned that Payward Japan is one of the 16 quasi-exchanges in Japan and is considered highly likely to receive the FSA. Registered license plate. However, this announcement shows that Payward Japan will automatically give up the FSA's license application.
According to the Shallot App consolidation, if Payward Japan is also considered as a waiver application, of the 16 quasi-exchanges in Japan, a total of 10 have canceled the registration application, one has been rejected by the FSA, and the rest have also received administrative penalties. .
2. Japan's cryptocurrency market is fiercely competitive
At present, most of the world's Bitcoin transactions are still conducted in Japan. This important market still attracts the attention of Japanese and foreign capitalists.
Previously, Singaporean entrepreneurs acquired a 100% stake in BitTrade, the Japanese licensed crypto exchange. Coinbase, the largest virtual currency exchange in the United States, plans to enter Japan and plans to apply for registration within the year.
With the entry of international capital such as Coinbase, the expansion of large-scale domestic groups in Japan, such as Monex, SBI, and GMO, has continued. (For more details, see: Shallots look at Japan | Japan's cryptocurrency market competition escalation: Domestic and foreign capitals share the same attack, Homeland The exchange is struggling
Kraken also said in the April 17 announcement that it is unrealistic to continue to provide services to Japanese residents. Kraken said that leaving the Japanese market mainly includes 'careful consideration of revenue and resources and resources needed to maintain services' 'due to recent months The business is exponentially growing, focusing resources on strengthening services in other areas, etc., while mentioning the possibility of resuming service to Japanese residents.
According to the coinmarketcap data, the Japanese exchange Zaif and Quoine are free of transaction fees. The Zaif official website also shows that for eligible users, if the yen is used for bitcoin transactions, the spot transaction fee is even -0.01. %.
In the increasingly fierce 'killing' of the Japanese cryptocurrency industry, many exchanges have chosen to take a different approach and put more of their resources into overseas markets.
According to Cointelegraph, the fire coin confirmed that it opened an office in London on June 28 and will start an over-the-counter (OTC) test in the third quarter of this year. The fire currency plan provides over-the-counter trading throughout the European market.
Even Japanese social giant Line has 'shunned' the local market. According to the Yonhap News Agency, Line said it plans to establish a global virtual currency exchange 'bitbox' in July. It plans to offer more than 30 kinds of virtual currency currency transactions, not Provides legal currency transactions, not in the United States and Japan.
Japan’s stringent regulatory and taxation policies are mainly aimed at further improving the development of the cryptocurrency market and reducing market risks. At present, Japan still holds an open attitude toward cryptocurrencies, and the adoption of a license-based approach to incorporate it into supervision will promote cryptocurrency in the legal framework. Compliance with the operation within the. Therefore, relatively strong domestic and foreign capital in Japan is still optimistic about the future development prospects of this market.