Japan To Google And Apple: Get Rid Of Unlicensed Crypto Apps 

The Financial Services Agency (FSA) of Japan has adopted a strong position against unregistered digital currency exchanges operating from within the nation.Related Reading: Gemini Eyes Public Debut—Backed By Billionaire Winklevoss Twins: ReportThe regulatory authority has asked Google and Apple to take down five main crypto exchange apps—Bybit, KuCoin, Bitget, LBank, and MEXC—from their respective app stores in Japan, local news outlet Nikkei reported.This action is part of the nation’s rigorous crypto regulations, which demand that every exchange catering to Japanese consumers register with the FSA.Examining Unregistered ExchangesThe request made by the FSA emphasizes Japan’s continuous initiatives to guarantee industry compliance with cryptocurrencies. Any crypto exchange serving Japanese citizens under Japan’s Payment Services Act must first get regulatory clearance before operating in the nation. Nonetheless, the FSA says that without appropriate registration, Bybit, KuCoin, Bitget, LBank, and MEXC have kept providing services to Japanese consumers.Ordering their removal from app stores, authorities hope to limit access to these platforms and stop users from interacting with transactions that fall short of Japanese regulations. Although no particular fines have been disclosed for non-compliance, the action strongly indicates that Japan takes its crypto laws seriously.Apple Reacts, Google’s Action UnclearApple apparently moved quickly to eliminate the targeted crypto trading apps from its Japanese App Store after receiving the FSA’s request. Users are now seeing alerts that some apps are not accessible in their nation or region when they try to download them. Furthermore, while looking for the five exchanges in the App Store, nothing appears, discouraging new users from making an account.Total crypto market cap at $3.09 trillion on the daily chart: TradingView.comHowever, Google’s response is still unknown. There is yet no proof that the tech behemoth has taken the apps down from the Japanese Google Play Store. If Google complies, it may further restrict Japanese consumers’ access to these exchanges, making it more difficult for them to trade crypto on unregistered sites.Strict Crypto Rules In JapanFor bitcoin exchanges, Japan boasts some of the harshest rules among countries. Following prior security lapses and fraud cases, the government has tightened policies to guarantee user protection. Among other legal responsibilities, all licensed exchanges have to abide by rigorous anti-money laundering (AML) and know-your-customer (KYC) rules.With this most recent action against Bybit, KuCoin, Bitget, LBank, and MEXC, Japan shows its will to eradicate non-compliant services. It also serves as a warning to other exchanges that may be operating without proper registration.Related Reading: Shiba Inu And The Big Reveal: A Memecoin No More, But A ‘Tech Powerhouse’The Future Of Crypto In JapanAlthough Japan is still a major center