The FSA (Financial Services Agency) Japan has recently revealed that more than 190 companies are seeking to enter Japanese crypto markets.
Talking to news.bitcoin.com, the FSA explained that:
Including preliminary consultation/inquiries regarding registration, more than 190 operators are expressing their intention of market entry.
Although the identity of the 190 firms remains unconfirmed by the FSA, the report explains that several companies have made their own announcements including Yahoo! Japan and Line Corp.
Crypto operators must register with the FSA. There are currently 16 registered crypto exchanges in Japan.
Earlier in December, the FSA explained that it is set to introduce a new regulatory framework next year for ICOs.
Under the new rules, Japanese citizens will be limited in the amount they can invest in ICO-related projects, while business owners who want to issue their own digital currency will be required to register with the FSA.