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23/07/24
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Gate.io is Shutting Down Services in Japan
On July 22, cryptocurrency exchange Gate.io announced that it is ending services offered to customers in Japan due to regulatory compliance issues. The cryptocurrency exchange is shutting down services and promises to help affected customers migrate their assets.
Gate.io has suspended opening of new accounts for Japan-based users on July 22, noting that its decision was due to “compliance requests from authorities such as the Financial Services Agency.” The firm said it would provide more details regarding the shutdown soon.
Gate.io is launching a program towards complying with Japanese laws and regulations, according to the announcement. Likewise, the platform supports customers’ migration to crypto exchanges already complying with regulations across the country.
The Japanese language will be removed from its website but updates regarding user account migration to other platforms will be provided. Japan’s Financial Services Agency (FSA) will determine the service termination plan and migration of transactions, based on its compliance requests.
The cryptocurrency exchange did not reveal the exact date it would shut down services in the country. Many participants within the crypto space consider Japan a global cryptocurrency hub, having legalized cryptocurrency trading despite the strict regulations for cryptocurrency assets.
Two years ago, the Japanese authorities came up with a law to establish a solid and clear regulatory framework to govern stablecoins. The bill considers stablecoins non-securities, with stablecoin issuers required to register with the Financial Services Agency (FSA) prior to issuing the tokenized fiat equivalents.
The Payment Services Act (PSA) was also established to govern cryptocurrency assets; cryptocurrency exchanges are required to register with the FSA and comply with anti-money laundering (AML) regulations, as well as carry out customer identity checks.
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