EddieJayonCrypto

 23 Jul 24

tl;dr

Gate.io, a centralized crypto exchange, is withdrawing from the Japanese market to comply with domestic regulations. It will stop accepting new account registrations from Japanese residents and gradually terminate services for existing users. The exchange ranks 49th in trading volume globally and pl...

Gate.io, a centralized crypto exchange, is withdrawing from the Japanese market to comply with domestic regulations. It will stop accepting new account registrations from Japanese residents and gradually terminate services for existing users. The exchange ranks 49th in trading volume globally and plans to assist customers in transferring transactions to compliant Japanese crypto asset exchange operators.

Japan's Financial Services Agency has tightened regulatory frameworks, including stricter operational requirements for exchanges and increased scrutiny on stablecoins. In 2021, the FSA introduced more rigorous licensing requirements and demanded comprehensive security measures and financial stability assessments for crypto exchanges. Additionally, Japan's government passed an economic reform bill permitting investment-limited partnerships to acquire and hold crypto assets.

Centralized crypto exchange Gate.io announced Monday its intentions to withdraw from the Japanese market, hinting at its efforts to comply with domestic regulations. The exchange will cease accepting new account registrations from Japanese residents and begin a phased termination of services for existing users, it said in a statement. Gate.io ranks 49th in terms of trading volume among centralized cryptocurrency exchanges, according to data from CoinGecko. The exchange has clocked a 24-hour trading volume of approximately $2.34 billion.


The exchange did not immediately return a request for comment. Gate.io will assist customers in transferring transactions to compliant Japanese crypto asset exchange operators and remove Japanese language support from their platform, it said. The exchange also said it will announce further plans for service termination and transaction transfers in accordance with requests from Japanese financial authorities.

Japan's Financial Services Agency (FSA) has been progressively tightening its regulatory framework in recent years to bolster consumer protection and market integrity. Significant amendments to the country’s Payment Services Act and the Financial Instruments and Exchange Act in 2020 redefined crypto assets and imposed stricter operational requirements on exchanges, including enhanced security measures and regular audits.

In 2021, the FSA finalized that oversight, introducing more rigorous licensing requirements and demanding comprehensive security measures and financial stability assessments for crypto exchanges. This included mandatory segregation of customer funds from corporate assets and the introduction of stringent Anti-Money Laundering and Know Your Customer protocols aimed at detecting and reporting suspicious activities more effectively. Stablecoins have also come under increased scrutiny.

The FSA's regulations require stablecoin issuers to maintain reserves equivalent to the value of their issued tokens and conduct regular audits to ensure transparency and stability. Regulation has spilled over to this year, where in February, Japan's government passed an economic reform bill permitting investment-limited partnerships to acquire and hold crypto assets. Initially proposed in September 2023, the bill aimed to stimulate business creation and strategic investments through tax incentives and financial support, viewed as a softening of its stance on the asset class at the time.

More about Emeren Group Ltd

Emeren Group Ltd develops, builds, operates, and sells solar energy projects. The company is headquartered in Stamford, Connecticut.

Industry: MANUFACTURING, SEMICONDUCTORS & RELATED DEVICES

Market Cap: 104.825M

Dividend Yield: None

EPS: -0.16

Shares Outstanding: 1.918M

Beta: -0.127

Volume: 106.582M

Latest Close: 4.38

Latest Open: 3.42

Latest Change: 0.148

More about C3 Ai Inc

Company: C3 Ai Inc

Stock Ticker: C3

Sector: Technology

Industry: Services - Prepackaged Software

Market Cap: $3,474,309,000

Dividend Yield: None

EPS: -2.34

PE Ratio: 2.602

ROE: -0.901

Volume: 310,582,000

Stock Price: $29.35

52-Week Range: $0 - $0.196

More about Coinbase Global Inc

Company: Coinbase Global Inc

Description: Coinbase Global, Inc. provides financial infrastructure and technology for the crypto economy. The company is headquartered in Wilmington, Delaware.

Sector: FINANCE

Industry: FINANCE SERVICES

Market Cap: 63,305,232,000

Current Price: $50.45

Dividend Yield: None

P/E Ratio: 5.11

EPS: 15.83

Beta: 0.357

Volume: 3,777,835,000

52-Week Range: $263.42 - $3.27

Price/Sales: 1.156

Disclaimer

The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.
 13 Nov 24
 13 Nov 24
 13 Nov 24