Japan has always been considered the hub of Bitcoin, thanks to the past success of Mt. Gox, at one time the biggest crypto exchange. This reputation took a hit when Mt. Gox was hacked and filed for bankruptcy.

However, it seems that Japan is on its way to reclaiming its glory with its recent approval of BitOcean Corporation. BitOcean, one of the biggest crypto exchanges worldwide, will now be free to operate in Japan’s lucrative Bitcoin market, and it is expected to fill the void left by Mt. Gox.

Japan's FSA Approves BitOcean Exchange

BitOcean was recently approved by Japan’s Financial Services Authority (FSA) to operate in the country. The company was established in 2013 in China in partnership with Atlas ATS. It ranks among the best crypto exchanges in the world, and it is set to be the biggest in Japan.

In addition to being approved by the FSA, BitOcean is finalizing its plans to join the Japan Association of Digital Assets (JADA). JADA is a self-regulatory body which has received the government permission to venture into its blooming digital currency market.

Inheriting Mt. Gox’s Mantle

Mt. Gox left a void when in Japan and caused tensions in Bitcoin’s value when it became bankrupt after a devastating hack.

Expectedly, BitOcean was elated by the FSA’s decision to approve it. Commenting on the issue on Twitter, the company said that it was looking to establish itself firmly in Japan and oversee the liquidation and rehabilitation of Mt. Gox. If this is the case, then BitOcean will easily take over a majority of the marketing within and outside Japan’s borders.

However, competition in Japan is already healthy as there are several accredited crypto exchanges. For instance, the FSA approved over 10 exchanges in December 2017 alone. Some of the exchanges that have recently joined the market include Bit Arg Exchange Tokyo Co. Ltd, Tokyo Bitcoin Exchange Co. Ltd, and FTT Corporation.

BitOcean Is A Leader In Innovation And Convenience

BitOcean’s approval by the FSA has been big news because of its status in the global Bitcoin markets. BitOcean ranks among the best international crypto exchanges, and it was the 16th to enter the global market. What’s more, it is popular for its innovation and convenience.

BitOcean has stirred the industry by undertaking on an innovative idea of developing an ATM powered token application. It has also released Bitcoin ATMs that are designed to compete with other existing products. It has already launched ATMs in China and Japan, and it seeks to take the idea mainstream on a global scale. The ATM machines are designed to operate two ways – this means that you can either buy or sell Bitcoin through instant transactions. What’s more, they come in multiple languages and deal with multiple currencies.

BitOcean’s size also gives it a competitive edge over other exchanges. For instance, it has low fees and spreads thanks to its vast Bitcoin inventory. Its services are also speedy, and anyone can transact as it operates internationally.