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all that relaxed. The first method is costly and takes six months, Saito said. You should also understand the risks of investing. Not only have no new licenses been granted, but as of late May, no new coins had been added to the Japans white list of legal tokens. Finance Minister Arun Jaitley, in his annual budget, said New Delhi would "take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system". I am sharing my opinions based off my own experiences.

There are 16 licensed exchanges in Japan now, but it seems none of them are allowed to sell ICOs, he said. According to data from blockchain analysis company. Japan is struggling between innovation and control, Kayamori said. In the best-case scenario, the Coincheck hack will ultimately make Japans crypto industry stronger and its investors safer. Its not just startups who feel the heat.

"Now, with hundreds of licenses waiting to be approved and ICOs anxiously still waiting for the nod of approval, the Japanese crypto and blockchain community feel a strong sense of crisis, Yagami wrote. When you add it all up, he said, as a start up, a fintech company coming into crypto, its almost impossible to comply. Nor is it a great time to do an ICO in Japan. And after that its going to be better. Today, no one in Japans crypto industry would refer to the environment as a paradise.

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