Japan's government was once seen as being at the forefront of crypto activity. But as we enter 2019, things are slightly askew in the Land of the Rising Sun. A number of highly publicized and hugely damaging hacks on exchanges, most notably the attack that drained 58 billion yen ($540 million) from Coincheck's coffers at the start of 2018, meant that last year the Japanese Financial Services Authority (FSA) didn't issue a single one of its cryptocurrency licenses.
Despite all of this, the cryptocurrency industry shows no signs of slowing down in the country. For one thing, there are still close to 200 firms looking to get regulatory approval from the FSA. Messaging application Line and MUFJ Bank are thought to be amongst the firms hoping to get a thumbs up from the Japanese regulator.