Crypto Garage receives from the Japan FSA a crypto asset exchange license

On June 29th 2021, Crypto Garage (“CG”), leading architect of Bitcoin based crypto finance products and services, was awarded a license to trade as a crypto-asset exchange operator under the Payment Services Act. In addition, CG is a member of the Japan Virtual and Crypto assets Exchange Association (JVCEA), the self-regulatory organization that has the mandate to oversee the industry.

Prior to obtaining the license, CG focused as settlement provider for crypto OTC trades on a ticket by ticket basis and access to the Japanese crypto OTC market using a JPY fiat backed token issued by CG.

The license permits CG to operate regulated brokerage of digital assets for institutional users. With the license, CG can be responsible for the entire trade cycle from brokerage and execution to settlement. Customers can be assured that they have access to safe and compliant trading of Japanese crypto exchange Bitcoin (BTC) liquidity through our platform, SETTLENET.

SETTLENET is a non-custodial crypto asset OTC brokerage and settlement application, where the assets and settlement are handled on top of the Liquid Network, a Bitcoin sidechain developed by Blockstream, streaming prices of BTCJPY will be offered via our API and bilateral settlement will be conducted with a Delivery vs Payment settlement solution using our JPY token.

The Japanese market has been difficult to enter for many overseas crypto companies. In particular, a trade in physical settlement in Japanese yen tends to discourage new players, which involves the high cost of establishing a local subsidiary and opening a bank account. SETTLENET provides a smooth and cost effective means of payment in Japanese yen in a fully regulation-compliant manner by offering a Japanese yen token that is held and available only to professional companies.

The award of license is proof that we are more focused than ever in our commitment to connect Japanese crypto trading with the rest of the world.