More than 100 Japanese companies have applied to the Financial Services Agency of Japan (FSA) seeking to get a license and open cryptocurrency exchanges.

More than a hundred Japanese companies are hoping to obtain a cryptocurrency exchange license from the national financial regulator. The list includes major banks, brokerage, and forex trading firms.

"More than 100 firms are planning to enter the cryptocurrency exchange business, which has kept the FSA busy dealing with them," the Yomiuri Shimbun newspaper reports, citing sources in the market.

At the same time, the FSA, which since April 2017 is authorized to issue cryptocurrency operators licenses, granted with such a license only 16 crypto-exchanges in Japan. 11 of them received licenses in September, four was licensed in early December, and another one achieved its permission to operate a crypto-exchange in late December.

Currently, the FSA examines applications of 16 companies, which meanwhile, waiting for the regulator's decision, are allowed to work as "quasi-operators" of crypto-exchanges. After the hacking incident with Coincheck, the Japanese regulator made it clear that it would conduct a more thorough check of applicants' security systems in order to ensure the safety of customer funds.