Domain briefing
Exchanges & VASP
Crypto exchanges, VASP regulation, self-regulation, and foreign-platform touchpoints with Japan.
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- AMM design evolution — Uniswap v1/v2/v3/v4 + variants (Curve / Balancer / TraderJoe)Since the emergence of 2018 年 Uniswap v1…
- Impact of US approval of Bitcoin spot ETFs on domestic CEXs (2024-01~)On 2024-01-10, the US SEC approved exchange rule changes for 11…
- Bybit Lazarus $14.6 億 hack detailed analysis (2025-02) — largest crypto-asset outflow in history2025-02-21, approximately $14.6 億 (about 2…
- CEX API / SDK ecosystem comparison — developer interfaces of domestic / overseas exchangesThe developer interfaces exposed by CEXs are broadly standardize…
- Bithumb（빗썸）— Korea KRW spot CEX overviewMarket share, 24-hour volume…
- CoinDCX — Indian CEX / FIU-IND PMLA reporting entity overviewSource: The entire table is based on CoinDCX's official company…
- Coinone (코인원) — Korean KRW spot CEX / NH NongHyup Bank real-name account overviewMarket share, 24-hour volume…
- Foxbit — veteran Brazilian CEX / BRL pairs overviewSource: The entire table is based on Foxbit's official company p…
- GOPAX (고팍스) — Korean CEX / Binance investment overviewSource: The entire table is based on Binance's GOPAX investment…
- Korbit (코빗) — Korea's first CEX / SK Square investment / Shinhan real-name account overviewSource: The entire table is based on Korbit's official company p…
- CEX matching engine + cold/hot wallet internal architectureThe core of a CEX = the matching engine (order-book matching eng…
- Mercado Bitcoin — Brazilian CEX / RWA tokenization overviewSource: The entire table is based on Mercado Bitcoin's official…
- CEX native token strategy comparison — economic mechanics of BNB / OKB / HT / KCS / BGB and othersLarge overseas CEXs issue their own token (exchange token)…
- Upbit（업비트）/ Dunamu — Korean KRW spot CEX overviewMarket share, 24-hour volume, rankings…
- Vietnam crypto-exchange landscape — SBV regulatory ambiguity / ONUS / Remitano / grey market overviewVietnam occupies the distinctive position of being a world top-t…
- WazirX — Indian CEX / July 2024 cyberattack overviewSource: The entire table is based on WazirX's official cyberatta…
- Coincheck NEM 580 億円 outflow incident detailed analysis (2018-01)In the early hours of 2018-01-26…
- Cross-chain bridges and CEX deposit/withdrawal routes — Wormhole / LayerZero / Axelar / Hyperlane / CCIP comparisonCEXs typically offer deposit/withdrawal of the same token across…
- Crypto-asset custody provider landscape matrix — Japan + Global institutional custody 10 社 technology / regulation / customer comparisonThe institutional crypto-asset custody market is differentiated…
- Jito — Solana liquid staking + MEV redistribution protocol overviewJito is a collective name bundling 2 distinct products on Solana…
- Orca Whirlpools — Solana-based concentrated-liquidity AMM overviewOrca's core product Whirlpools is a CLMM that implements Uniswap…
- Pendle Finance — yield tokenization protocol (PT/YT) overviewPendle's core design splits a yield-bearing asset (e.g., stETH…
- Raydium — Solana veteran AMM / memecoin liquidity hub overviewRaydium initially differentiated itself with an "AMM-on-orderboo…
- DMM Bitcoin outflow incident detailed analysis（2024-05）— 4,502.9 BTC attributed to LazarusOn the evening of 2024-05-31, 4…
- EU MiCA CASP (Crypto-Asset Service Provider) regimeMiCA (Markets in Crypto-Assets Regulation…
- FSA Business Improvement Order (BIO) domestic VASP administrative-action history (2018-2026)A Business Improvement Order (BIO) is…
- FSA warning-letter issuance system for unregistered foreign crypto-asset exchangesJapan's crypto-asset exchange-service registration regime starte…
- FSA crypto operator registry — snapshot delta logThe FSA "Registry of Crypto Asset Exchange Service Providers" (k…
- FSA crypto-asset exchange registration system — number system / Local Finance Bureau jurisdiction / registration requirementsThrough the amended Payment Services Act enacted 2017-04…
- FTX Japan customer-asset 100% return case — the world's first immediate full-return case2022-11-11, FTX Trading Ltd. and others filed for Chapter 11 . G…
- Global crypto-asset prime brokerage layer — Hidden Road / FalconX / Galaxy / B2C2 / CumberlandCrypto-asset prime brokerage is a layer that provides institutio…
- Global CEX ranking reference guideGlobal CEX ranks, trading volumes, listed assets…
- International comparison of crypto-asset exchange bankruptcy proceedingsThis page compares official creditor-information entry points fo…
- Global crypto-asset forensics-vendor layer — Chainalysis / Elliptic / TRM / Crystal comparisonCEXs + banks + law-enforcement agencies depend on specialized fo…
- Global DEX Aggregator comparison matrix · cross-comparison of the 8 major aggregatorsDEX aggregators evolved from the simple pathfinders of 2020-2021…
- Global DEX major 5 社 comparisonDecentralized exchanges (DEXs) split, in design terms…
- Global institutional custody five pillars — Coinbase Custody / Fidelity / Anchorage / BitGo / KomainuInstitutional crypto-asset custody is structurally different fro…
- Global perp DEX competitive deep-dive matrixPerpetual-futures DEXs use structurally different liquidity mode…
- Global Perp DEX major 5 社 comparisonPerp (perpetual futures) DEXs are a category that…
- Global VASP regulatory 8 -pole comparison matrix — JP / KR / HK / SG / EU / US / UAE / UKThis entry places eight jurisdictions—Japan, Korea, Hong Kong…
- Hong Kong SFC VASP licensing regime — VATP regime + licensed CEX overviewHong Kong put the amended AMLO (Anti-Money Laundering Ordinance)…
- JBA — Japan Blockchain AssociationThe Japan Blockchain Association (JBA)…
- Japan CEX parent FG adjacency matrixA Japanese 暗号資産交換業者 (FSA-registered VASP) is rarely a standalone…
- Japan crypto audit-firm landscape — Big4 + Grant Thornton Taiyo + BDO Sanyu crypto-practice comparisonFSA-registered VASPs are…
- Domestic crypto law-firm landscape — Anderson Mori / Nishimura & Asahi / Mori Hamada / TMI / BCLP comparisonFor Japanese domestic VASPs, Web3 operators…
- Japan stablecoin issuer regulatory classification matrix — Electronic Payment Instruments business / trust type / bank-issued type / funds-transfer-operator type / prepaid-payment-instrument boundaryJapan's yen- and USD-denominated stablecoins should be checked b…
- Japan VASP business-model competitive matrix — comparison of 39 社's business segments / revenue structures / differentiation axesThe FSA crypto-asset exchange service provider registry lists 26…
- JCBA — Japan Crypto-asset Business AssociationThe Japan Crypto-asset Business Association (JCBA)…
- Domestic CEX × deposit tokens / EPI integration strategy — DCJPY / Progmat / JPYC collaborationThe 2022-06 amended Payment Services Act brought into force the…
- Domestic CEX × NFT marketplace integration modelDomestic CEXs leverage the strength of holding a VASP license to…
- Domestic CEX × points-economy integration modelA business model unique to Japan — it integrates the points/curr…
- Domestic CEX sales-counter vs exchange business-model economicsDomestic Japanese CEXs have a distinctive structure of running 2…
- Domestic CEX staking / lending services + regulationDomestic CEXs offer staking (earning PoS rewards) and lending (e…
- Domestic crypto-asset taxation detail — miscellaneous income vs separate self-assessment + individual vs corporateDomestically, crypto assets are taxed as "miscellaneous income"（…
- Public CEX × Japanese bank commitment-line caseSource: The entire table is based on bitbank's official release…
- Japan crypto exchange overview — FSA / JVCEA regulated VASP marketJapan's crypto-asset exchange business is built on two layers: a…
- Domestic crypto-asset market maker / OTC desk industry overviewBehind the visible order book of domestic CEXs sits a layer of M…
- Domestic crypto-asset merchant payment + Lightning NetworkDomestic crypto-asset merchant payment was introduced via bitFly…
- Domestic-facing on/off ramp + fiat↔crypto bridge layer (MoonPay / Transak / Banxa / VASP direct)The most legally clear route is the account of an FSA-registered…
- Domestic-facing Staking-as-a-Service (StaaS) operator layerThe Staking-as-a-Service (StaaS) market…
- Domestic crypto-asset tax-software vendor layer (Cryptact / Gtax / CryptoLinc / Coinly, etc.)Domestic retail investors' crypto-asset gains and losses must be…
- Domestic crypto-asset VC + crypto-fund landscapeWithin domestic crypto VC…
- Fireblocks — global MPC custody infrastructure provider (Japan rollout)Source: The entire table is based on the product navigation and…
- Ginco Inc. — Japan B2B blockchain custody infrastructure providerBecause the company does not directly provide buying / selling /…
- Komainu — institutional digital-asset custody specialistThis table is limited to Komainu's current entity-level regulato…
- BACKSEAT Crypto-Asset Exchange Co., Ltd. — Japanese crypto-asset exchange operator overviewOn the trade name: it is unusual in embedding the industry-categ…
- SBI FXトレード株式会社（BI FXTRADE）— Japan crypto-asset-derivatives operator overviewThe company is an FX (foreign-exchange margin trading) specialis…
- Binance Japan Co., Ltd. — Japanese crypto-asset exchange service provider overview
- Bitbank, Inc. — Japan crypto-asset exchange operator overviewThis table is limited to verifiable corporate and regulatory mil…
- bitFlyer Inc. — Japan crypto-asset exchange overviewSupported assets may be added or removed…
- BITPoint Japan Co., Ltd. — Japanese crypto-asset exchange operator (historical / deprecated) overviewThis table is limited to corporate, enforcement…
- BitTrade Inc. — Japan crypto-asset exchange operator overviewThis table is based on BitTrade's current transaction guide…
- BTCBOX Co., Ltd. — Japan crypto-asset exchange operator overviewThis table is based on milestones confirmed in BTCBOX's official…
- Coinbase K.K.（Coinbase 株式会社）— Japan crypto-asset-exchange operator（dormant）overview※ former location: Otemachi Building 4F, FINOLAB（Otemachi…
- Coincheck, Inc. (コインチェック株式会社) — Japanese crypto-asset exchange operator overviewThis table is limited to milestones confirmed in Coincheck's com…
- COINHUB Co., Ltd. — Japanese crypto-asset exchange operatorCOINHUB is a registered Japanese crypto asset exchange operator.…
- Crypto Garage, Inc. (株式会社 Crypto Garage) — Japan crypto-asset exchange operator overviewDigital Garage positions the company as a strategic subsidiary i…
- Custodiem, Inc. — Japanese crypto-asset exchange service provider overviewCurrent service-site notices and trading rules take precedence f…
- Digital Asset Markets, Inc. — Japan crypto-asset exchange operator overviewThe capital participation from Mitsui & Co. (2019年8月) and Japan…
- DMM Bitcoin Inc. — Japanese crypto-asset exchange operator (former VASP) overviewThe 18 spot-trading assets supported as of 2023年 (major assets):
- 株式会社DMM.com証券 (DMM.com Securities) — Japan financial-instruments business operator (crypto-asset derivatives) overviewThe company's mainstay business comprises the following 4 pillar…
- FINX JCrypto Inc. — Japan crypto-asset exchange operatorFINX JCrypto is a registered Japanese crypto asset exchange oper…
- Gaia Co., Ltd. — Japan crypto-asset exchange operator overviewThe table below is limited to corporate, registration…
- Gate Japan K.K.（Gate Japan株式会社）— Japan crypto-asset-exchange operator overviewThe former c0ban exchange handled c0ban (RYO)…
- Gaudiy Financial Labs, Inc. — JVCEA Type-II Member (Web3 IP Platform Operator)Gaudiy Financial Labs Inc. is listed on the official company pag…
- GMO Coin, Inc. — Japan crypto-asset exchange operator overviewThe table is limited to milestones confirmed in GMO Coin's compa…
- Goldenway Japan Co., Ltd. — Japan crypto-asset exchange operator (derivatives only) overviewThe name "Goldenway" derives from Goldenway Investment…
- JPYC Inc. — Japanese-yen stablecoin issuer (funds-transfer-operator type)The table is limited to establishment, token classification…
- Payward Asia (Kraken Japan) — former Japanese crypto-asset exchange operatorThe table is limited to milestones confirmed by Kraken and Paywa…
- Laser Digital Japan — Japanese entity and digital-asset businessThe table distinguishes Japanese-entity and group milestones and…
- LINE Xenesis Corporation — former Japanese crypto-asset exchange operatorThe following eight assets were publicly listed before closure…
- Mercoin, Inc. — Japan crypto-asset exchange operator overviewThe table is limited to corporate, registration…
- Mercury Inc. (CoinTrade) — Japanese crypto-asset exchange operator overviewCeres Inc. is a Mothers-listed company founded in 2005年 by Satos…
- マネックス株式会社 — Japan crypto-asset-derivatives trading operator overviewマネックス株式会社 is not a crypto-asset exchange service provider (spot…
- Money Partners Co., Ltd. — Japan Crypto Asset Exchange Operator OverviewThe table below summarizes milestones confirmed in the company's…
- OKCoin Japan K.K. (OKJ) — Japan crypto-asset exchange operator overviewThe following is a snapshot of service categories confirmed on O…
- OSL Japan Co., Ltd. — Japan crypto-asset exchange operator overviewThe Hong Kong parent OSL Group holds Type 1・4・7・9 licenses from…
- Rakuten Wallet, Inc. — Japan crypto-asset exchange overviewMargin trading (crypto-asset derivatives) supports the 9 currenc…
- Saxo Bank Securities Ltd. — Foreign Multi-Asset Securities Firm (JVCEA Type 2 Associate Member)A wholly owned Japanese subsidiary of Saxo Bank A/S…
- SBI SECURITIES Co., Ltd. (株式会社SBI証券) — Japanese crypto-asset-derivatives transaction operator overviewThe comparison below uses each company's official profile…
- SBI VC Trade Co., Ltd. (SBI VCトレード株式会社) — Japan crypto-asset exchange operator overviewThe company's official profile lists three registrations: crypto…
- S.BLOX Inc. — Japanese crypto-asset exchange operator overviewThe brokerage (sales-outlet) coins listed on the official servic…
- HashKey Japan Co., Ltd. (formerly Tokyo Hash Co., Ltd.) — Japanese crypto-asset exchange operator overviewThe table below is based on the company's profile and official n…
- Traders Securities — Japanese crypto-asset derivatives trading operator overviewThe table below is based on Traders Securities' official company…
- Trek Labs Japan K.K. — Japanese Crypto-Asset Exchange Operator (Preparatory Entity)Trek Labs Japan K.K. is the Japanese entity of Trek Labs…
- Zaif Inc. — Japan crypto-asset exchange operator overviewAs of 2026年5月, handles the following 24 listings (published on t…
- Binance Holdings Limited — Japan FSA warning target・unregistered overseas operator (historical record)The following is the Japanese regulatory distinction based on th…
- bitcastle LLC — Overseas Unregistered Crypto-Asset Exchange Targeting JapanThe table below is limited to the FSA's primary source on crypto…
- Bitforex Limited — Unregistered Foreign Crypto Exchange Targeting Japan (Two FSA Warnings)The table below is limited to FSA warning publications concernin…
- Bitget Limited: Overview of an Unregistered Foreign Crypto-Asset Exchange Targeting JapanThe table below is limited to FSA warning publications concernin…
- Bybit — Unregistered Overseas Crypto Asset Exchange (Japan FSA Warning 3 Times)The table includes only Japan-facing warnings confirmed in the F…
- KuCoin — overseas unregistered crypto-asset exchange (Japan FSA warning)The table includes only the Japan-facing warning confirmed in th…
- LBank Exchange — Unregistered Overseas Crypto Asset Exchange Operator Targeting Japan: Overview
- MEXC Global — overseas unregistered crypto-asset exchange operator (Japan FSA warnings 2 times)This section is limited to corporate-identification details conf…
- Domestic IEO (Initial Exchange Offering) System + Major Cases timelineIEO (Initial Exchange Offering) = a mechanism in which a crypto-…
- Japan Institutional Custody Three-Pillar Structure — Komainu / Ginco / Fireblocks Japan ComparisonThis entry compares Komainu, Ginco…
- Japan listed CEX-related companies matrix — TSE / Nasdaq listings + holding-company listThis entry organizes relationships between Japanese CEX operatin…
- Domestic VASP Act on Prevention of Transfer of Criminal Proceeds + FATF Travel Rule Domestic Implementation (2023-)Domestic VASPs are obligated under the Act on Prevention of Tran…
- Domestic VASP Cold Storage 95% + Segregated Management RegimeUnder the amended Payment Services Act Enforcement Regulations (…
- Japan Domestic Crypto Asset Derivatives Business Regime — FIEA × Payment Services Act Dual RegistrationThe amended Financial Instruments and Exchange Act (FIEA)…
- Japan Domestic VASP Crypto Asset Breach History (2014-2026)This entry organizes major asset-loss incidents affecting Japane…
- Domestic Crypto Asset Exchange M&A and Consolidation History (2018-2026)This entry organizes major share acquisitions…
- Japan domestic VASP parent-company / shareholder-structure mapThe FSA crypto-asset exchange service provider registry lists 26…
- Domestic Crypto-Asset VASP Regulatory Timeline (2014–2026)Japan's crypto-asset regulation has been built up incrementally…
- Domestic VASP security / audit / ISMS certification landscapeDomestic VASPs bear security + audit obligations across three la…
- Domestic Web3 / Crypto-Asset Public Policy Body Layer (METI Web3 Policy Office / LDP web3 PT / Cabinet Secretariat)Japanese Web3 and crypto-asset policy involves the FSA's financi…
- JVCEA: Overview of the Self-Regulatory Framework1. Membership screening: Reviews the structure and compliance of…
- JVCEA Domestic Spot Trading Volume Statistical Analysis (2017-2026)JVCEA publishes consolidated monthly statistics for its members…
- JVCEA Type 2 (Class II member) System — Associate-member 4 社 analysisJVCEA (jvcea self regulatory overview) sets its member categorie…
- JVCEA Green List / Handled Crypto-Assets Publication Timeline (2017-2026)JVCEA publishes the "Green List" separately from its "Handled Cr…
- JVCEA Handled-Instrument Whitelist Framework — Token Listing Process + Green/Yellow ListsJVCEA (Japan Virtual and Crypto assets Exchange Association)…
- Korea's 5 major CEX regimes compared — Upbit / Bithumb / Coinone / Korbit / GOPAXUnder the amended Act on Reporting and Using Specified Financial…
- Korea Kimchi Premium economics — the structure of Upbit/Bithumb local price spreadsThe "kimchi premium" (Korean 김치 프리미엄) is the phenomenon where th…
- Liquid Staking + Restaking Ecosystem + CEX Exposure
- Mt.Gox bankruptcy processing timeline (2014-2026)In 2014-02-28, Mt.Gox (MTGOX Co., Ltd., Shibuya…
- L2 Native DEX Flipping the Incumbent Pattern1. ve(3,3) emission direction: Aerodrome uses the Velodrome (v2)…
- RWA (Real World Asset) tokenization × CEX handlingRWA (Real World Asset) tokenization = a mechanism for issuing re…
- Singapore MAS DPT Licensing Regime — Crypto-Asset Exchange Business under the PSASingapore implemented the PSA (Payment Services Act) in 2020–01…
- Comparison of the Solana ecosystem DEX clusterSolana hosts protocols with different designs…
- Switzerland FINMA Crypto-Asset Licensing + Crypto Valley EcosystemIn 2018 年, FINMA (Swiss Financial Market Supervisory Authority)…
- Taiwan FSC VASP Licensing SystemTaiwan's FSC (Financial Supervisory Commission) established the…
- UAE VARA Licensing Regime - Dubai's world-first independent crypto-asset regulatorThe UAE issued Dubai Decree No. 111 of 2022 in 2022-03…
- UK FCA crypto-asset registration regimeThe UK's current cryptoasset-firm registration is AML/CTF/CPF su…
- US Crypto Asset Exchange Business Multi-Layer Licensing SystemThe United States operates a federal + 50 -state multi-layer reg…
- ve(3,3) governance mechanism — Curve veCRV → Solidly → Velodrome/Aerodrome evolution
- veToken × Host-Protocol DEX Self-Reinforcing Flywheel1. The L1/L2 host side (operating company or investment arm) hol…