On 1 April, 2017, a Bill to the Payment Services Act of Japan (PSA) and associated assembly directives came into effect, including a governing administration for virtual currency (VC) businesses and making Japan the leading developed country to do so.
- Company formation – within 8 weeks
- License application – within 6 months
Minimum capital requirement: GBP 67500+ Registration tax
Japanese legislators revised the Act on Settlement of Funds (Act No. 59 of 2009, as revised, the Amended Settlement Act) in May 2016 to manage businesses handling virtual currencies (VCs), which present exchange services between VCs and regular real currencies, such as Japanese yen or foreign money (VC Exchangers). Following the revision to the Act, the Financial Services Agency of Japan (JFSA) has issued a draft of appropriate statutes in conjunction with the Amended Settlement Act. The draft statutes, which are currently subjected to the public annotation process, set forth the specific circumstances that link to the certification and operation of VC Exchangers and protection of customers (the Draft VC Regulations).
Advantages of Japan Virtual Currency Exchange provider’s license:
- Japan Company represents a good image to your Clients;
- Excellent status worldwide;
- One of the few rules implementing licensing for virtual currency exchanges;
- Japan is influential international financial center;
- 96 double taxation avoidance treaties;
- Not blacklisted.