Eighteen companies are applying for the new license required to operate a cryptocurrency exchange in Japan.
The licensing scheme , which Japan introduced in April , aims to ensure exchanges operate in full compliance with financial regulation and anti-fraud procedures.
As a result of the applications , some of which come from extant Japanese exchanges such as bitFlyer , ten new players are slated to debut on the market to meet a forecast surge in demand.
These include SBI Holdings’ SBI Virtual Currencies , GMO Internet , Kabu.com Securities and Money Partners Group , Nikkei reports on Tuesday.
“We didn't even have minimum guidelines… so users will now feel more secure ," a representative from SBI told the publication.
Japan is witnessing something of a Bitcoin renaissance in 2017. A giant uptick in trading quickly combined with a cementing of regulatory perspective see business deals come thick and fast.
Despite day-to-day Bitcoin use remaining low , plans in the pipeline for increasing acceptance alone suggest that underlying confidence in future spending habits is unwavering.
Since the shake-up of the Chinese exchange market in January , Japan now holds around 40 percent of Bitcoin trading volumes.
At the same time , news last week that its ten-year yields had declined to zero percent for the first time since 2007 stoked speculation investors may continue to seek alternatives in future.
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