Gate.io Announces Withdrawal From Japanese
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Crypto MarketOne of the most well-known bitcoin exchanges worldwide, Gate.io, has decided to terminate all its services available for the Japanese crypto market. Effective July 22, this retreat signals a dramatic change in the operational scene of the exchange.In an announcement Monday, the exchange revealed a compliance programme meant to help its Japanese clients migrate their assets to platforms in accordance with local laws.The company said it aims to follow financial rules wherever it conducts business. Gate.io added that it regrets to notify its customers that it will be ending its services for Japan.Gate.io: Navigating Regulatory WatersGate.io’s leaving Japan draws attention to the difficulties crypto exchanges have negotiating convoluted legal landscapes. Mostly under control by the Financial Services Agency (FSA), Japan has one of the toughest laws for bitcoin exchanges.The Payment Services Act (PSA), passed in April 2017 and which acknowledges cryptocurrencies as legal property and mandates exchanges to register with the FSA, is the pillar of this approach.Strict anti-money laundering (AML) and counter-terrorism financing (CFT) rules included in this strong regulatory framework target to make
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