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Japan: CEXs risk removal from Apple and Google stores
By Davide Grammatica
Japanese regulators have requested the removal of unregistered crypto exchanges from Apple and Google stores
New problems for crypto exchanges
Japan’s top financial regulator, the Financial Services Agency, has reportedly made a formal request to Apple and Google to remove the applications of certain non-compliant crypto exchanges from their stores.
The CEXs in question, according to Nikkei, are Bybit, MEXC Global, LBank Exchange, KuCoin and Bitget. Apple has already removed the applications at the agency’s request and, according to sources, has in the past already warned CEXs not to offer services to Japanese customers.
Obviously, removal from the stores does not completely compromise the use of the applications, and users could continue to use the services of the cex. However, the FSA’s approach seems increasingly harsh, and more severe measures are not excluded in the coming months.
The Payment Services Act, issued in 2018, already (in theory) prohibited CEXs from operating in the country without the proper licenses, but they have continued to offer services to the Japanese public.
The crypto industry in Japan
Japan, after all, has long had a particular attitude towards the crypto sector, not to say quite unique. In fact, in the face of strict legislation limiting the services available to the retail public, there is a very favorable approach to institutional adoption. Several major companies, such as Nomura, SBI, SMBC, Sony and DMM, have already unveiled major initiatives in the crypto and Web3 world.
Three major banks in the country, MUFG, SMBC and Mizuho, are instead working on a new platform for cross-border payments using stablecoins.
