These are challenging times for many businesses, yet the OK Group is undeterred. OKCoin completed its registration to launch a cryptocurrency exchange in Japan today – the first global exchange to earn a license in the country.
OKCoin to Launch New Exchange in Japan
According to an official release, OKCoin Japan Co. Ltd. headquartered in Tokyo completed the registration process to launch its virtual currency exchange business.
As a Japanese subsidiary of OK Group (to which OKEx pertains), the company states that it has been always been in a position to comply with the laws related to administrative guidelines and fund settlement by the Japanese Financial Services Agency (FSA) and the Virtual Currency Exchange Association.
However, there are more boxes to check when it comes to gaining a foothold in Japan. Now, OKCoin has at last completed the lengthy process of building in the additional safety measures required to protect users. These include an operating system to use services safely and segregation management of user property and information.
The Expansion of OK Group
OK Group has been around for a lot longer than many people realize with subsidiaries operating under different names in different regions. While OKEx caters to users in other areas, OK Group has had interests in China, the U.S., Europe, the Philippines, and Malaysia ever since 2013. Today, this extends to Japan and the blockchain company employs a staff of over 1,000.
According to the statement:
In addition to operating a virtual currency exchange, we are working on the development and commercialization of blockchain technology in collaboration with leading local partners in overseas expansion. By exploring cutting-edge technologies with the ideals of the blockchain, we realize technological innovation and industrial restructuring and actively contribute to the development of the industry.
It seems that OK Group has greater plans for Japan than merely launching a cryptocurrency exchange here. It will also be looking to target institutional traders and “specific services and schedules” that have yet to be announced.
Before the exchange opens its doors, interested users can pre-register by visiting this sign up link to create an account. OKCoin Japan will deal with major crypto assets including BTC, ETH, ETC, LTC, and BCH. For now, at least, it does not support fiat.
The news comes hot on the heels of OKEx proposed plans to expand into Russia. Crypto may look a little uncertain right now, but OK Group is proving Binance isn’t the only company with plans on global domination.
What do you make of OK Group’s expansion into Japan? Add your thoughts below!
Images via Shutterstock
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