Wirex Japan Limited has reportedly won the official status of Type II member of Japan Virtual Currency Exchange Association. The company announced on its website yesterday.
According to the report, the Type II membership brings the platform closer to the launch of the full range of services in the Japanese market.
Wirex co-founder Pavel Matveev said in the press release:
“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.”
As the company representative shared, Japan's regulators have been checking and assessing all the processes at the platform for compliance with the regulatory framework as well as KYC and AML policies.
For reference, Wirex Japan Limited is the subsidiary of the payment service Wirex Limited.
For now, the company plans to go for the Type I membership after which it will become a legal provider of crypto exchange services. In the case of the positive scenario, Japan's Financial Services Agency will award the corresponding license.
According to the available statistics, Wirex Limited serves more than 2 million users worldwide with total transaction amount exceeding $2 billion.