Wirex Japan Limited officially became a type II member of the Japan Virtual Currency Exchange Association (JVCEA) – a vital and hard-earned step towards being able to offer the full range of Wirex services to customers in Japan.
Wirex Japan Limited is a 100% subsidiary of payments innovator Wirex Limited. Today, it became only the 8th financial services company to become a type II member of the JVCEA – a notable achievement in itself and an integral stage in the journey to recognised Crypto Asset Exchange Service Provider status.
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.
Wirex’s application for type II membership was no exception. Over 18 months, the company was subjected to an extremely thorough evaluation of compliance, security, KYC (Know Your Customer) and AML (Anti-Money Laundering) processes, amongst many others. Type II membership in Japan is a vindication of the platform’s commitment to excellence and regulatory compliance everywhere it operates.
Pavel Matveev, Wirex cofounder:
“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.”
The next target for Wirex is type 1 membership, which will establish the platform as a legal Crypto Asset Exchange Service Provider and is issued by the FSA. If successful, Wirex will become only the 20th company to reach this milestone.