Cryptocurrency exchange license in Japan
To work with cryptocurrencies, you must obtain a license. It is issued to companies registered in the Kabushiki Kaisha form, which corresponds to ordinary joint stock companies. To obtain a license to exchange cryptocurrencies in Japan, an applicant must:
- have a positive net worth on the balance sheet;
- have a capital of at least 10 million yen;
- act in accordance with the law;
- create a satisfactory corporate structure;
- comply with KYC, AML requirements;
- train personnel in accordance with the rules and regulations of the country of operation;
- keep accounting records;
A company applying for a license must develop and implement a set of measures aimed at preventing data leakage. For this purpose, a functional IT system should be created. The company’s customers will know that the status of the cryptocurrency is not legally defined.
In Japan, fiat currencies and deposits / trust funds must be kept separately on a mandatory basis. Cryptocurrencies held by the company and its customers must be clearly separated and identified. Compliance with this obligation should be verified by an independent annual audit.
Requirements for a company applying for a cryptocurrency exchange license in Japan
- Staff. The staff of the company is from 5 to 10 people. Japanese recruiting agencies can help you find them. This is a good solution, but it requires additional costs. Alternatively, you can contact government agencies. They will place your ad for free. The company can be represented by a non-resident of Japan. If he / she has a work permit in Japan, he / she is eligible to serve as a local director;
- Authorized capital. The funds are deposited into an account with a Japanese bank. Diamont Law specialists will help you open it. If the company does not have an account or does not want to open one for any reason, it can use the account of the Resident Director of Japan;
- Office. The company must have an office with a physical address in the country of operation. Virtual dealership is not suitable;
Diamont Law assistance in obtaining a license
We provide comprehensive support throughout the entire process, from preparation to obtaining permits to work with cryptocurrencies in Japan. The range of services includes the following:
- registration of a joint stock company;
- representation in a Japanese bank;
- preparation and translation of documents;
- search for a nominee director;
- office search;
- forwarding correspondence;
- print design;
The cost of registering a company under Japanese law depends on a number of factors. First of all, this concerns the specifics of interaction with representatives of financial institutions and the timing of the preparation of documents. The average cost ranges from 9 to 12 million yen.
Office rental and labor costs are billed as an additional service.
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