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USA Likely to Follow Japan & Licence Cryptocurrency Exchanges

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Japanese government and its financial regulator FSA, officially authorized and licensed 11 cryptocurrency exchanges, including BitFlyer, country’s largest trading platform with over 800,000 users.

BitFlyer CEO Yuzo Kano, emphasized that this regulation will allow country’s cryptocurrency market to position itself at the epicenter of global cryptocurrency trading, development, and innovation.

"Japan has been exploding with demand for both bitcoin trading as well as virtual currency services. The FSA’s approval for BitFlyer to operate as a Registered Virtual Currency Exchange (RVCE), and the agency’s openness and forward thinking regulation could not come at a better time for the blockchain space,” said Kano.

Earlier this year, at the New Zealand Blockchain conference held in Auckland, bitcoin and security expert Andreas Antonopoulos said :

“Governments can choose to either do nothing – which is okay; make things worse for cryptocurrency trading – like what Australia did by imposing sales taxes on all cryptocurrency transactions; or they can make things easier for companies by reining in the banks and encouraging companies by creating a level playing field ” .

At an event hosted by the Federal Reserve Bank of Philadelphia, acting Comptroller of the Currency Keith Noreika told reporters :

“I wouldn’t be adverse to those people coming in and talking to the [Office of the Comptroller of the Currency] about how a charter could make sense for them. But that is a long process they’d have to go through, and just because you get in the door doesn’t mean you’re going to get out the door on the other side,” said Noreika.

It could take longer period for the US government and its financial regulators to offer unified licensing programs for cryptocurrency exchanges and bitcoin businesses.But its great for the  growth of bitcoin that the U.S. is considering creating a more robust and well-regulated market for investors and general consumers.