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Advantages of obtaining a crypto license in this jurisdiction:
The cryptocurrency market is actively developing in Japan. The country of the rising sun wants to be among the first and therefore it is profitable to obtain a license for a cryptocurrency exchange in Japan.
In all countries, the banking system is wary of cryptocurrencies and activities, associated with them. At that time, in Japan, banks warned their customers about dangers of working with cryptocurrencies.
The presence of a license for cryptocurrency activities in Japan provides both great opportunities and great obligations. For example, if you decide to open an exchange in Japan, you will definitely need a registered capital of not less than 10 million Yen, which is currently approximately 88 thousand dollars. And most importantly, you will need a confirmation of receipt of assets. This authorized capital must be deposited in the bank account of the director of the company with the Bank of Japan.
Cryptocurrencies in Japan are quite popular and many locals invest their savings in ICO projects or in cryptocurrencies. The state of Japan is trying to protect its citizens, so the first thing, that the financial regulator draws his attention, when registering an ICO in Japan or registering a cryptocurrency exchange in Japan, is the availability of a well-developed IT system.
The decision to obtain a license for a cryptocurrency exchange whenever possible is made by the Japanese financial regulator very carefully. If you decide to get legal support during registering an ICO in Japan, pay special attention to your White Paper (qualified experts of our company will help you to figure out all issues). In this document you need to write down the information about the team, that works to organize the ICO. The team must have a decent technical support, that is, the cryptocurrency exchange on the Internet should be ready and it should have all possible protections. The team must constantly work to improve the protection of the system, so there should be a real technical support team.
By the way, among all prerequisites, the Japanese prescribe the existence of rules for the work of employees of a Japanese company and the provision of training for staff.
If we talk about the fact, that you need to comply with someone, who decided to work with cryptocurrencies in Japan or obtain a Japanese license for the cryptocurrency exchange, then these are requirements of KYC and AML.
In Japan, there are requirements for the separate storage of fiat funds of the exchange and customer funds, as well as the separation of cryptocurrency funds of users from cryptocurrency funds of the exchange.
The presence of local employees and a resident director in the organization is, also, important. So you will need a real office, an accountant, several local employees.
Japan is a taxable jurisdiction, and taxes on different activities are different. A taxation of activities related to cryptocurrencies, check with our lawyers. We will find out for you reliable information at the time of contact.
Only, if you fulfill all requirements, write all necessary rules, you can obtain a license for an ICO in Japan. The term for obtaining a license is from 3 months. You can obtain a license for a cryptocurrency exchange in Japan and open an account in Japan with the help of competent IQD Consulting team.