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 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.”