The Japanese Financial Services Agency (FSA) has officially granted operational licenses to the first batch of domestic cryptocurrency exchanges, marking a pivotal moment in the country’s digital asset regulation. These 11 licensed platforms — Money Partners, QUOINE, BitFlyer, bitbank, SBI Virtual Currencies, GMO Coin, Bittrade, BTCBOX, BitPoint, FISCO, and Tech Bureau Corp — now operate under strict regulatory oversight, ensuring enhanced security and transparency for users.
These exchanges primarily support trading in mainstream cryptocurrencies such as Bitcoin (BTC), Bitcoin Cash (BCH), Ripple (XRP), and Litecoin (LTC). According to industry insiders, Japan may expand the list of tradable assets in the future but will continue focusing on established digital currencies. Notably, initial coin offering (ICO)-based tokens are not currently under consideration. The FSA aims to maintain neutrality, avoiding subjective decisions that could expose users to unnecessary financial risk.
This regulatory framework reflects Japan’s commitment to fostering innovation while protecting investors — a balanced approach that has positioned the nation as a global leader in crypto legitimacy.
Key Players in Japan’s Licensed Crypto Landscape
Money Partners
A subsidiary of Money Partners Group, established in 2005, Money Partners brings extensive financial expertise into the crypto space. The parent company operates through two core divisions: one focused on foreign exchange trading and another on financial system development. Known for its robust technology infrastructure, Money Partners serves both individual investors and institutional clients, offering advanced trading systems and dynamic server solutions.
Its entry into cryptocurrency trading underscores a broader trend of traditional financial firms embracing blockchain innovation.
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QUOINE (Now Part of Liquid Group)
QUOINE emerged as a pioneering fintech firm with a global footprint across Japan, Singapore, and Vietnam. It developed one of the earliest advanced blockchain-powered trading platforms, enabling seamless Bitcoin trading against JPY and USD with zero fees during its early phase.
Although QUOINE has since evolved into the Liquid Group — operating the Liquid exchange — its foundational role in Japan’s regulated crypto market remains significant. The platform emphasized security, scalability, and user accessibility, setting early standards for institutional-grade crypto services.
BitFlyer
BitFlyer stands out as a dominant force in Japan’s cryptocurrency ecosystem. At its peak, it accounted for nearly 29% of global Bitcoin trading volume, making it the largest BTC exchange worldwide at the time. Even today, it ranks among the top three global crypto exchanges by transaction volume.
Backed by strong institutional support and known for its compliance-first approach, BitFlyer offers a user-friendly interface, high liquidity, and robust security protocols — including cold storage and multi-signature wallets.
bitbank
Founded in May 2014, bitbank specializes in cryptocurrency trading for both retail and professional investors. The platform supports major coins like BTC, XRP, ETH, and LTC, with an emphasis on fast execution and low latency. Its integration with automated trading tools makes it particularly popular among algorithmic traders.
As a licensed entity, bitbank adheres to strict anti-money laundering (AML) and know-your-customer (KYC) requirements, reinforcing trust in its operations.
Financial Giants Entering the Crypto Arena
SBI Virtual Currencies
Launched on November 1, 2016, SBI Virtual Currencies is a subsidiary of the SBI Group — one of Asia’s largest financial services conglomerates and a major player in venture capital and asset management.
With roots in online securities, banking, insurance, and private trading systems, SBI leverages its vast financial network to offer secure and scalable crypto trading services. The group also invests heavily in blockchain startups and infrastructure projects across Asia.
SBI’s involvement signals growing confidence from traditional finance institutions in the long-term viability of digital assets.
GMO Coin
Established in October 2016, GMO Coin is part of GMO Internet — a Japanese internet giant founded in 1991. As a subsidiary of GMO Click Holdings, it benefits from deep technological resources and financial stability.
GMO Internet dominates Japan’s internet infrastructure sector (46.8% of revenue), with additional arms in digital advertising (31.6%), internet finance (19.5%), and mobile entertainment. This diversified strength allows GMO Coin to deliver reliable trading experiences backed by enterprise-grade security.
Notably, GMO Coin became one of Japan’s first exchanges to offer free trading promotions, driving mass adoption among retail users.
Emerging Platforms Shaping Market Diversity
Bittrade
Founded on September 12, 2016, Bittrade focuses exclusively on Bitcoin trading. While smaller than some competitors, it maintains a loyal user base due to its straightforward interface and strong customer service.
As a licensed operator, Bittrade complies with FSA guidelines on fund segregation and regular audits — key factors in building consumer confidence.
BTCBOX
Based in Tokyo and launched in March 2014, BTCBOX was the first major exchange to emerge after the Mt. Gox collapse. In 2015, it received a ¥200 million investment from JTrust, a publicly listed financial services company.
BTCBOX quickly rose to become one of Japan’s highest-volume exchanges, serving professional traders and large-scale investors. Its early market entry gave it a first-mover advantage in establishing trust and liquidity.
BitPoint
Launched on March 3, 2016, BitPoint made headlines in June 2017 when it partnered with Nippon Pay to integrate cryptocurrency payments with China’s top three mobile payment platforms — WeChat Pay, Alipay, and UnionPay.
This strategic move highlighted Japan’s ambition to lead cross-border digital payment innovation using blockchain technology.
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FISCO
Established on April 12, 2016, FISCO offers zero-fee cryptocurrency trading through its platform. Its parent company, FISCO Ltd., was founded in 1995 and has been listed on JASDAQ since 2006. Originally focused on proprietary financial analytics, FISCO delivers real-time market intelligence — sending around 700 updates daily to professionals covering stocks, currencies, bonds, and emerging markets.
Its expansion into crypto reflects a natural progression from traditional finance data services to digital asset infrastructure.
Tech Bureau Corp
Though less publicly detailed than others, Tech Bureau Corp operates under full FSA licensing. It is known for running Zaif — a once-popular exchange that faced challenges following a 2018 hack. Since then, the company has restructured and strengthened its security measures to meet regulatory demands.
Frequently Asked Questions (FAQ)
Q: Are all cryptocurrency exchanges in Japan required to be licensed?
A: Yes. Since April 2017, any platform offering crypto trading services to Japanese residents must obtain a license from the Financial Services Agency (FSA) to operate legally.
Q: What protections do licensed exchanges offer users?
A: Licensed platforms must comply with strict AML/KYC rules, conduct regular audits, segregate customer funds from operational capital, and implement advanced cybersecurity measures.
Q: Can foreigners use Japanese crypto exchanges?
A: Some exchanges allow non-residents to register, though verification processes may vary. Most require proof of address and identity documents compliant with Japanese regulations.
Q: Why does Japan focus only on mainstream cryptocurrencies?
A: To minimize investor risk and ensure market stability. By limiting offerings to well-established coins like BTC and XRP, regulators aim to prevent fraud and volatility associated with speculative tokens.
Q: How does Japan’s regulatory model compare globally?
A: Japan is considered one of the most progressive yet cautious regulators in the world. Its balanced approach combines innovation-friendly policies with strong consumer safeguards — often cited as a model for other countries.
Q: Is my money safe on a licensed Japanese exchange?
A: While no system is 100% risk-free, licensed exchanges are subject to rigorous oversight. Many also carry insurance for hot wallet holdings and use cold storage for the majority of assets.
Japan’s approval of these 11 cryptocurrency exchanges demonstrates a strategic effort to build a secure, transparent, and innovative digital economy. By partnering traditional finance expertise with cutting-edge blockchain technology, these platforms are shaping the future of money — not just in Japan, but globally.
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