Japanese department of a cryptocurrency exchange OKCoin has gained a license with the Kanto Local Finance Bureau to operate in Japan as digital currency exchange, Finance Magnates has learned.
From now on, the exchange can legally offer its services in the East Asian country under the Payments Services Act.
Previously Japan obligated all digital asset exchanges to obtain a license to operate within its borders after cryptocurrency exchange Coincheck suffered a hacker attack, which resulted in the theft of $535 million in cryptocurrency.
"OKCoin Japan has constructed a secure, stable, and robust service environment with enhanced KYC and dynamic customer risk profiling capabilities, solid customer asset protection measures, advanced cryptocurrency transaction technologies, and innovative product offerings that will serve investment needs of a diverse clientele ranging from individual traders to institutional asset managers," the exchange added.
The exchange says it has developed and implemented proprietary AML/CFT technologies, including automated transaction filtering and monitoring systems.
Previously iHodl reported that OKCoin added the Singapore dollar to the list of fiat currencies that can be used to buy cryptos directly on the platform.
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