A Japanese government-approved cryptocurrency exchange has resumed expanding overseas. Already operating in five countries with a plan to launch in more in the near future, the exchange aims to construct a global network of crypto transactions.
Building Global Network
Bitpoint Japan was among the first crypto exchanges to be fully licensed by the Japanese Financial Services Agency (FSA). It is a subsidiary of Remixpoint (3825.T), a listed company on the Tokyo Stock Exchange.
Bitpoint has started a new round of expansion overseas, after entering a few countries last year. The company announced on Thursday that its Malaysian exchange has begun operations.
The Kuala Lumpur-based Bitpoint Malaysia opened its doors on May 17, offering spot trading and leverage trading. The fee for spot trading is 0.5% while leverage trading carries no fee. Deposits and withdrawals in Malaysian Ringgit are free during the grand opening. The exchange wrote:
We offer leverage of 2, 5, 10 and 25 times.
In addition to Malaysia and Japan, Bitpoint is also operating in South Korea, Taiwan, and Hong Kong. The exchange also opened an office in China in July last year before the Chinese government shut down all crypto exchanges in the country.
In addition, the exchange is reportedly preparing to enter Singapore, Thailand, and other Asian markets in the near future. Bitpoint detailed:
By continuing to provide overseas exchanges using the Bitpoint system in the future, we will continue to realize the construction of a global network of virtual currency transactions.
Tougher Rules and Competition in Japan
Since the hack of Coincheck, one of the most popular crypto exchanges in Japan, the FSA has tightened its cryptocurrency oversight. The country still has 16 fully-licensed crypto exchanges, which have recently formed an association to focus on self-regulation in an effort to rebuild public trust in the crypto industry.
However, out of the 16 “deemed dealers,” which are those allowed to operate while their applications are being reviewed by the FSA, only 8 remain. The agency recently revealed that the other 8 have indicated that they are withdrawing their applications.
Meanwhile, the agency confirmed that over 100 companies are seeking to enter the space, including Yahoo! Japan and Line Corp, which operates the popular chat app Line.
What do you think of Bitpoint’s global expansion plans? Let us know in the comments section below.
Images courtesy of Shutterstock and Bitpoint.
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