Japanese Subsidiary of OK Group OKCoin Japan Receives Virtual Currency Exchange Service Provider License From Local Regulator

Japanese Subsidiary of OK Group OKCoin Japan Receives Virtual Currency Exchange Service Provider License From Local Regulator

OKCoin, China oldest exchange, is looking to expand its exchange services to Japan as it secures a license to operate as virtual currency exchange service provide in the country.

OKCoin Japan made the announcement in a press release published Monday, March 30. According to the announcement, OKCoin, Japanese subsidiary of OK Group, completed its registration with the Kanto Local Finance Bureau as a Virtual Currency Exchange Service Provider based on the Payment Services Act.

OKCoin Japan was established in 2017, and since then, it has built a comprehensive framework to ensure its compliance with the Payment Services Act and related regulations. The company said that it has established its business lines according to the guidelines given by the Financial Services Agency, and industry rules set by the Japan Virtual Currency Exchange Association.

OKCoin Japan further said:

“In addition, by concentrating on the soundness of our business plan and operational procedures, as well as the continuous enhancement of our system security and operational efficiency, we have constructed a stable and robust service environment with solid customer protection measures including segregated management of customer assets, customer data protection, among others.”

OK Group, established in 2013, is actually one of the major global providers of virtual currency exchange service which operates in China, the United States, Europe, Malaysia and the Philippines as well as several other countries in Asia and Europe. This global fintech enterprise is specialized in Blockchain and crypto assets with over 1,000 employees. The group seeks to cooperate with industry leaders as local partners to jointly promote the development and commercialization of the Blockchain technology.

OKCoin said that its exchange services aims to meet the investment needs of both individual and institutional traders. The company has not launched its exchange services yet but the pre-registration of customer accounts has started from yesterday, March 30. Customers can pre-register their accounts for the virtual currency exchange by visiting the website of OKCoin Japan. The platform will initially support the Japanese Yen and deal with major crypto assets, including BTC, ETH, ETC, LTC, and BCH.

OKCoin is considered as one of the largest and most trusted fiat-to-crypto trading platforms in the world. With the addition of Japanese Yen, the platform is now supporting a total of four fiat currencies that include US dollar, euro, and Singapore dollar.

As Crypto Economy reported, on March 13, OKCoin started two new referral programs; Refer a Friend for low-volume traders and Affiliate Share for high-volume traders.