Wirex, a hybrid personal finance platform that merges blockchain tech and traditional finance, announced on Thursday it has become a type II member of the Japan Virtual Currency Exchange Association (JVCEA). Wirex claims that becoming a type II member is a vital and hard-earned step towards being able to offer the full range of its services to customers in Japan.
“Amid a largely listless response by international authorities, Japan’s Financial Services Agency (FSA) and the JVCEA lead the way in cryptocurrency regulation. The world’s third largest economy[1] is one the few developed nations that recognises the enormous potential of decentralised digital currency and has legislated it accordingly. Cryptocurrency in Japan is no cowboy economy – companies must undergo rigorous and comprehensive due diligence before they are allowed to practice.”
Speaking about the membership status, Pavel Matveev, Wirex Co-Founder, added:
“We welcome the level of due diligence shown by the JVCEA – by adhering to their rules, we ensure that Wirex remains at the forefront of compliance, security and regulatory best practice. The acquisition of type II membership is a proud milestone for Wirex and brings us closer to being fully operational in Japan.”